After reaching the resistance level last week,most prices of most cryptocurrencies began to fall and the contribution of ‘RUB Buyers’ all wiped out. Although Powell’s speeches in the House and Senate had no hawkish surprises, basically in line with the CME forecast: the high possibility of 25bp rate hike” , the strong U.S. NFP still exacerbated the decline in prices on Friday. The negotiations did not bring an end to the war and the regional crisis was turning into a long-term event. This week, we may witness the highest CPI . You also need to pay attention to the ECB interest rate decision during the energy shortage.

The price fell back to its previous low. The resistance level we gave in our last report was effective, the Feb. 28 pump did not bring additional bullish power, and the price pulled back as fast as they are rising. The price has remained in the range of (37000, 44500) from February to now, and it is hard to be broken. In the near term, the price is approaching the support level again and as the bearish power in the previous rise, the bullish power is starting to strengthen now.
Conclusion: Mostly fluctuation. We believe that the lower rail of the range formed in February is supportive. Taking into account the different motives for rising and falling, we reserve the low possibility of price falling below the support level . So we lowered the resistance to 39400 and maintained the support at 37000.

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