Billie Eilish and Finneas rocked the Oscars, smashing records and blazing trails like Bitcoin on steroids. On March 10th 2024, they snatched up the Best Original Song award for their mesmerizing Barbie ballad ‘What Was I Made For?’. But wait, there’s more. These two young geniuses made history as the youngest double Oscar winners ever, sending shockwaves through the record books, breaking a record that lasted 86 years by actress Luise Rainer.
And just when we thought the excitement was over, Bitcoin joined the party, shattering its own records. On March 10th, it soared past its previous all-time high of $69,000, only to do it again the very next day, skyrocketing to an unbelievable $72,894.62! Talk about a whirlwind of historic achievements.
Bitcoin surged to an all-time high exceeding $72,000 on Monday, March 11, 2024, following the approval from the United Kingdom’s Financial Conduct Authority (FCA) for a cryptocurrency-backed investment vehicle. The FCA, responsible for overseeing financial activities, announced its non-objection to exchanges establishing a U.K.-listed market segment for crypto asset-backed Exchange Traded Notes (cETNs). Although the FCA greenlighted cETNs, it emphasized that these products would remain inaccessible to retail investors, warning traders about the inherent risks associated with cryptocurrency investments. This decision mirrors a prior move by the U.S. Securities and Exchange Commission in January, when it approved Bitcoin Exchange-Traded Funds (ETFs).
In a separate development, Donald Trump hinted that if re-elected as president, his administration would adopt a lenient approach towards regulating bitcoin and other cryptocurrencies during an interview on CNBC’s “Squawk Box.” Trump noted the prevalence of cryptocurrency usage, citing his observation during the launch of a line of premium Trump-branded sneakers, where a significant portion of purchases were made using cryptocurrency.
From a technical analysis perspective using the 4-Hour chart of BTCUSD, the price has exhibited an upward trend.
An uptrend line originating from $59,169.10 acted as a barrier, rejecting the price at $67,050.94 before resuming its upward trajectory after a pullback from $70,317.22. The level of $70,317.22, previously serving as resistance, was breached, propelling the price to a new all-time high of $72,894.62 before retracing to around $71,969.14.
If the trendline is violated downwards, there is a likelihood of further price decline. However, if the trendline rejection persists, there is a strong probability of the price advancing towards the resistance level at $72,894.62. Should the resistance hold, a potential retracement to the trendline may occur. Conversely, a breakthrough of the resistance would increase the likelihood of further upside movement.
Sources :
https://www.billboard.com/music/awards/billie-eilish-finneas-records-set-2024-oscars-1235628989/amp/
BTCUSD Monthly Chart from Metatrader 4
https://www.cnbc.com/2024/03/11/trump-suggests-he-would-not-oppose-bitcoin.html
