Bitcoin completes bullish reversal pattern, signaling possible rally to $32,000 and higher.
. The banks have already borrowed $150 billion from the Federal Reserve, which is more than the amount borrowed during the 2008 financial crisis.
Analysts pointed out that the Fed has added $300 billion to its balance sheet in a week, second only to the $500 billion pumped after the March 2020 crash. The QE in 2020 triggered a rally in Bitcoin that took it from about $4,000 to $69,000. Will history repeat itself? Could Bitcoin and altcoins sustain the higher levels? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin bulls purchased the dip to $24,000 on March 15 and pushed the price above the strong overhead resistance of $25,250 on March 17. This completes an inverse head and shoulders pattern.There is no major resistance between the current level and $32,000, hence the bulls may find it easy to cover this distance in a short time.
The rising 20-day exponential moving average and the relative strength index near the overbought zone indicate that bulls are in command. If bears want to regain control, they will have to quickly reverse direction and sink the pair below the moving averages. Until then, the bulls are likely to view the dips as a buying opportunity.
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