BTC Rising Again With The Effect Of Positive News!

Bitcoin (BTC) settled above $41,000 just before the Wall Street opening on March 16 as positive news from Asia and Russia caused stocks to rise. According to the analysis from TradingView, it was noted that BTC held the $41,000 level as the Chinese administration promised new economic support.

Beijing announced this news after weeks of turmoil in the Chinese markets following the bad performance of technology stocks. According to statements from media outlets, including the South China Morning Post, Deputy Prime Minister of the People's Republic of China, Liu He, announced that the government will "actively implement policies that are in favor of the markets." With this decision, there was a strong bounce in local markets, with Hong Kong's Hang Seng Index gaining more than 20% on the day. Economist Holger Zschaepitz used the following statements: "Chinese stocks traded in the US rose as Beijing promised policy support. The Hang Seng Tech index rose 22%. China's top policy maker said the country will take measures to support the economy and keep its capital markets stable. Pinduoduo's US-listed shares rose 31%, while JD Alibaba's both rose by about 20%." BTC settled above $41,000 as good news from Asia and Russia boosted stocks ahead of the Wall Street opening on March 16. Analysis from TradingView noted that with the Chinese government's promise of new economic support, BTC held the $41,000 level.

‘Bitcoin is following a path to close this week on the rise’

According to William Suberg's predictions, the short-term outlook for traders is slowly but surely starting to become more promising. The crypto analyst, nicknamed "Rekt Capital", noted the following predictions on his social media account: "BTC is currently preparing for a one-week close circled in green. A one-week close above the red ~$38,000 area, like the green circle in mid-2021, could be the confirmation BTC needs to eventually attempt to move beyond $43,100 (black)."