BTC price cracks $41K as hopes of peace in Eastern Europe send Bitcoin higher

Bitcoin rises with Asian equities, and so does Bitcoin. The $41,000 resistance had been broken briefly but swiftly reinstated overnight following positive news from

Asia and Russia’s boosts to the stock market. On March 16, Bitcoin (BTC) rose past $41,000 before the Wall Street open as good news from Asia and Russia boosted stocks.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

According to data from Cointelegraph Markets Pro and TradingView, bitcoin’s continued dominance in the cryptocurrency market since its inception has driven BTC/USD up week after week. The Chinese government has announced fresh economic aid, which may assist with bitcoin’s price.

Following weeks of volatile market activity in China, the government announced a plan to weaken the currency, which it dubbed “Black Tuesday.”

Now, according to the report, Vice Premier Liu He stated that the government will “actively release market-friendly policies.” According to South China Morning Post, he added, “The government will continue active support for markets through legislation and policy implementation.”

The results were an enormous boost on local markets, with the Hang Seng Index increasing by more than 20% on the day.

Other cryptocurrencies also reacted, pushing higher amid a tense geopolitical environment of war in Europe and an impending decision on interest rates from the United States Federal Reserve.

The latest developments in Ukraine-Russia peace talks lifted performance, with negotiators reportedly nearing a cease-fire agreement.

The short-term outlook was gradually but steadily improving for traders.

“All eyes are on the FOMC meeting, which is likely to lead to a false-start move first before culminating in a panic move overall as markets are driven by panic moves,” Cointelegraph contributor Michaël van de Poppe added.

At 2 p.m. Eastern Time on Wednesday, the FOMC—the Federal Open Market Committee—was set to release its latest decision, as well as a press conference from Fed Chair Jerome Powell at 2:30 p.m.

U.S. stocks follow China lead after S&P 500 “death cross”

Despite a “death cross” on the S&P 500 Tuesday, however, U.S. stock markets began Wednesday in the green.

The S&P rose 1.3% on the open, while popular Twitter account Nunya Bizniz pointed out that both the S&P and Bitcoin tend to bottom shortly after such a cross occurs historically.

During recessions, a death cross occurs when the 50-period moving average reaches below the 200-period moving average.

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