On March 17, following a period of downturn in the cryptocurrency market, Bitcoin has recently shown clear signs of stabilization and recovery. With Bitcoin's price successfully rising above the first resistance fan line, Mhmarkets believes that market momentum is undergoing subtle changes. Currently, the On-Balance Volume (OBV) is steadily operating above a gentle moving average. Although the Relative Strength Index (RSI) is approaching the overbought zone near 70, this reflects strong short-term buying interest. If the price can further surpass the high recorded on March 4, it may establish a phased upward trend.
In the global macroeconomic context, the movement of the U.S. Dollar Index (DXY) remains a core variable. Mhmarkets suggests that the DXY is currently testing a key RSI resistance level. If the dollar fails to break through previous highs, it could create room for risk assets to rise. Meanwhile, the euro is performing weakly, while the yen faces potential policy intervention risks. In traditional stock markets, both the S&P 500 and the Dow Jones Industrial Average are trading below the TBO cloud band, indicating overall financial market pressure. This fragility in traditional finance has once again drawn attention to the safe-haven attributes of crypto assets.
The commodity market is also showing a volatile pattern. Mhmarkets notes that Brent crude oil recently retested the $100 mark and left a gap at $93.80, suggesting a slowdown in upward momentum. The gold market has entered a bearish consolidation phase due to shrinking trading volume. Although gold’s parabolic rise since 2020 has been impressive, the current narrowing volume pattern advises investors to remain cautious. Silver also appears weak on a weekly chart, indicating a lack of strong catalysts for precious metals in the short term.
Overall, while Bitcoin’s local breakout has improved speculative sentiment, macroeconomic uncertainties persist. With stablecoin dominance nearing oversold levels and the RSI facing a potential reversal, the broad rally in altcoins may be short-lived. For cryptocurrencies like Solana, which remain constrained by downtrend lines, and DOGE, which has short-squeeze expectations, long-term positions should be accompanied by strict risk control. Given the complex financial environment, Mhmarkets recommends that investors adopt a phased profit-taking strategy and closely monitor the spillover effects of traditional financial assets on the crypto market.
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