Bitcoin is up by about 21% for this month of March due to the dovish changed interest rate hike projections which see a cut around June with a 48% probability. The particular projection changed due to the current banking situation and the collapse of the Silicon Valley Bank.

Looking at the technical perspective of the cryptocurrency we can observe some core buying around the lower extreme of the Year and Quarter developing value area which let the daily interval trending higher for several days now.

Market participants may target the upper value extreme, called DVAH, of the prior Year with supportive buyers around the Quarter’s current DVAH in case of a pullback.

The awaited FOMC data is set for tomorrow. Investors await the central bank’s new projection curve to conclude the further monetary path, expected to be more dovish due to the mentioned banking situation which would be supportive for Bitcoin as it pressures the dollar.

Taking a glance at the TPO profile structure, we can observe a balanced profile in the prior session, hence traders may lean on the extremes to conclude rotational scenarios with a bullish bias.

The VWAP perspective found absorption around the upper-value extreme of the prior value close area which may let the price pullback towards the developing VWAP to find core buyers to add to their long positions. In case of a further drop, the market may find support around the current so-called DVAL, depending on the auction and news stream as well as the result of the mentioned FOMC data.  

In summary, investors were looking for safer assets besides Gold or the Japanese yen, which soared confluently and seemingly found Bitcoin in the flaming events of possible signs of momentary cracking in the banking sector which still needs to be solved.

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