The takeover of the ailing Credit Suisse bank by UBS boosted European equity markets on March 20 but not everyone is happy with the deal. According to Swiss regulator FINMA, the value of additional tier one (AT1) bonds will be written to zero. This move will wipe out $17 billion worth of investments for AT1 bond investors.
Among the turmoil in the global banking sector, Bitcoin (BTC) has shone brightly. That is because traders seem to have shifted their focus to the alternative available to the legacy banking system. Another thing working in favor of Bitcoin is that it has decoupled from the United States equities markets and is behaving as an uncorrelated asset class.
Daily cryptocurrency market performance. Source: Coin360Bitcoin’s solid rally in the past few days has boosted trader sentiment. The Crypto Fear and Greed Index has soared into the greed zone with a score of 66/100. The next trigger for the markets is the rate hike decision by the Federal Reserve on March 22.
Could Bitcoin reach $30,000 and pull altcoins higher, or is a correction likely in the near term? Let’s study the charts to find out.
S&P 500 index price analysis
The S&P 500 index (SPX) rallied from 3,808 on March 13 and rose above the 200-day simple moving average (3,935) on March 16 but the bulls could not clear the hurdle at the 20-day exponential moving average (3,962).


