HomeContributorsFundamental AnalysisBitcoin and Other Altcoins Rise as Momentum Accelerates

Bitcoin and Other Altcoins Rise as Momentum Accelerates

The price of crude oil continued rising on Monday morning as the war of words between the US and Russia escalated during the weekend. In a speech, Joe Biden said that Putin cannot remain in power and called him a butcher. The State Department walked back the statement and said that it was not calling for a regime change in the country. It said that such a decision will only be made by Russians. Still, analysts believe that such claims will only worsen the situation in Ukraine, which will lead to lower oil supplies. Some oil traders have already started halting purchases from the Russian market.

American futures tilted higher even as risks to the market continued. The main indices have already risen in the past two straight weeks and are approaching their year-to-date highs. This performance comes even as the Federal Reserve embraces a more hawkish tone. In statements last week, analysts at Citigroup and Bank of America warned that they see the bank delivering several 50 basis points this week. Some of the top stocks to watch this week will be Xpeng, Micron, Jefferies, Five Below, and Walgreens Boots Alliance.

Cryptocurrency prices continued rising during the weekend as demand from investors kept rising. Bitcoin rose above $47,000 while Ethereum jumped above $3,000. The total market cap of all digital currencies rose to over $2.2 trillion. There are some catalysts for this price action. For example, there are signs that many Russians are turning to Bitcoin. Last Friday, there were also rumours that the Russian economy will start accepting BTC for natural gas and oil purchases.

XBRUSD

The XBRUSD pair maintained a bullish trend on Monday morning as concerns about demand remained. It is trading at 116, which is sharply higher than where it started the year. It has moved above the 25-day and 50-day moving averages while the MACD and the Stochastic Oscillator have pointed upwards. Therefore, the pair will likely keep rising as bulls target the next key resistance level at 120.

EURUSD

The EURUSD pair has been under intense pressure in the past few days. It is trading at 1.0982, which is significantly lower than this month’s high of 1.1138. The pair has moved slightly below the 25-day moving average and is along the ascending trendline shown in yellow. The Relative Strength Index (RSI) has pointed lower. Therefore, the pair will likely keep falling as bears target the next key support at 1.0900.

USDCAD

The USDCAD pair has been in a strong bearish trend and is now trading at the lowest level since January 18. The pair has moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved below the oversold level. It has also moved below the important support level at 1.2585, which was the lowest level in March. Therefore, the pair will likely maintain the bearish momentum on Monday.

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