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The announcement of the listing on Kraken immediately provoked a strong reaction in the price. During the Asian trading hours on March 13, the price of Pi Network skyrocketed by around 30%. According to market data, PI is currently among the best-performing cryptocurrencies of the month. Over the last month, the price increased by more than 100%, after the coin previously went through a tough period with significant price drops. Recent updates have played an important role in this. Now the listing on Kraken also adds to it.
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ยท
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Bullish
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The cryptocurrency market remains strong despite the volatile oil prices that are pressuring it. $BTC West Texas Intermediate (WTI) crude oil prices rose by 7% on Thursday, trading at $92, after Iran attacked two oil tankers in Iraqi waters on Wednesday. In an attempt to ease the rise in oil prices, the International Energy Agency (IEA) approved the release of 400 million barrels from its emergency oil reserve, while the U.S. offered 172 million barrels from its reserve. #Bitcoinโ
Bitcoin leads a recovery, but still with doubts. Currently, Bitcoin is hovering between 72,000 and 73,000 USD, after having risen around 20% since the lows of February close to 60,000 USD. This shows that the market continues to have strong demand, especially from institutional investors and flows into Bitcoin ETFs. My opinion: * The fact of staying above 70k is an important technical signal. * However, it is still well below its all-time high (~126k), which indicates that the market remains in a correction or consolidation phase. This suggests a long-term bullish market, but sideways in the short term.
Macro factors are affecting the market The crypto market is not isolated: * Geopolitical tensions in the Middle East * Rise in oil prices * Strength of the dollar These factors have generated volatility in all financial markets, including cryptocurrencies. Interpretation: * When the dollar strengthens, Bitcoin usually faces pressure. * Institutional investors tend to reduce risk during times of global tension. $BTC
Technical Analysis SOL as of 3M: 4 weeks of consolidation Is a breakout imminent or a bearish continuation?
Good morning Solana family. We start March with our eyes on the chart of $SOL because we are in one of the longest consolidation phases of the year: 4 weeks trapped between support and resistance without a clear direction defined.
I just reviewed the on-chain data, institutional flows, and technical analysis for this week, and this is what I see: 1๏ธโฃ Current Price: Solana is trading around $84 - $85, completing its fourth consecutive week within a lateral range between $77 and $88. February closed with a 17% drop, adding to the -15% of January, breaking the historically positive seasonality that the first quarter usually had.