Plan B : Bitcoin Still On Track Despite Closing March With $46,517

Olivia Brooke
April 1, 2022
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Bitcoin Price Analysis

PlanB, a renowned yet anonymous Dutch Bitcoin analyst, is optimistic about the performance of Bitcoin despite a recent 5.2% dip. Bitcoin has been trending up in recent weeks and has seen an increase of 15% over the past week alone. The climb extends a surge that started earlier this month after the Federal Reserve’s announcement that it would raise interest rates for the first time in three years.

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Bitcoin Price Showing Bullish Signs

 It is not out of place to deduce that PlanB’s optimism is majorly influenced by Bitcoin’s recent comeback the past week.

 Nevertheless, as at the time of writing, Bitcoin has dipped by 5.20%, and for the first time in the last four days since Bitcoin started soaring again, it has now slipped under $45,000.

This dip in Bitcoin comes as the European Union (EU) Parliament voted in favor of new harsh rules that call for the crackdown of unhosted or non-custodial wallets. On Thursday, March 31st, more than 90 lawmakers from the Committee on Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties (LIBE) voted in favor of imposing new regulatory measures that would essentially prohibit anonymous cryptocurrency transactions.

 The new measures will require crypto services providers, such as exchanges, to collect the personal details of individuals who transact over 1,000 Euros of crypto using self-hosted wallets before the transfer is allowed. Self-hosted wallets are the ones wherein the individual maintains their private keys instead of relying on other third-party institutions or intermediaries acting as custodians.

Some lawmakers are also opposed to the proposed regulations. Markus Ferber, the economic spokesperson for the European People’s Party (EPP) agrees that anti-money laundering (AML) checks in crypto should be taken seriously, but suggested that the new rules are commensurate with an outright ban on self-hosted wallets. In his words, speaking about the proposed regulations, he said:

Such proposals are neither warranted nor proportionate. With this approach of regulating new technologies, the European Union will fall further behind other, more open-minded jurisdictions.

Amid all these recent developments, Kevin Svenson—crypto investor and market analyst—notes that Bitcoin is now wedged inside the breakout zone between the 200d/SMA resistance and the possible 128d/SMA support.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Olivia’s interests spans across the Cryptocurrency and NFT and DeFi industry. She remains as fascinated by cryptocurrencies today, as she was back in 2017, when she first started reading up about them.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.