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As expectations of peace in Eastern Europe grow, the price of Bitcoin rises to $41,000

After a brief but unsuccessful breakout overnight, Bitcoin climbs in tandem with Asian indexes, as the $41,000 barrier becomes firm.

As encouraging news from Asia and Russia boosted markets, Bitcoin (BTC) rose above $41,000 before the Wall Street open on March 16.

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BTC is on course to end the week on a positive note.

Following the Chinese government’s offer of further economic support, data from several crypto analysts showed that BTC/USD remained a focus at $41,000.

Following weeks of turbulence on Chinese markets, Beijing announced the move, with IT stocks taking the brunt of the losses.

According to the South China Morning Post, Vice Premier Liu He stated that the government would “actively release policies advantageous to markets.”

The consequence was a sharp rally in local markets, with Hong Kong’s Hang Seng Index surging more than 20% on the day.

Bitcoin reacted as well, breaking higher amid a tense Geo-political backdrop of war in Europe and the US Federal Reserve’s approaching interest rate announcement.

The recent news from the Ukraine–Russia peace talks boosted performance even further, with negotiators allegedly close to reaching an agreement.

For traders, the short-term prognosis was gradually but steadily becoming more promising.

The FOMC, or Federal Open Market Committee, was scheduled to release its report at 2:00 p.m. Eastern time on Wednesday, with Fed Chair Jerome Powell holding a press conference at 2:30 p.m.

After the S&P 500’s “death cross,” U.S. equities are following China’s lead.

Despite the S&P 500’s “death cross,” Meanwhile, U.S. markets started Wednesday in the black on Tuesday.

On the open, the S&P 500 rose 1.3 percent, while Nunya Bizniz, a prominent Twitter account, remarked that historically, both that index and Bitcoin have tended to bottom shortly after such a cross.

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

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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