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Bitcoin Targets $74,000: Will Former FTX Boss Get 40 Years In Prison?

Bitcoin remains relatively stable even after the whipsaws of March 27. At the time of writing, the path of least resistance remains northwards, at least from a top-down review. For now, buyers have a chance, but prices must edge higher, breaking above the current choppy, above $72,500.

From trackers, BTC is up 5% in the previous week and steady on the last trading day. Even though buyers are confident of what lies ahead, the failure of bulls to confirm the uptrend might slow down the uptrend. Trading volume in the past 24 hours is up 22% to over $41 billion.

Bitcoin daily chart for March 28

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The following Bitcoin news events might influence price action:

  • On March 29, Deribit will settle Bitcoin contracts worth over $9.5 billion. According to data, most of these contracts will expire in the money. BTC prices might edge higher, benefiting in the process.
  • Today, Sam Bankman-Fried will be sentenced. After being convicted of fraud and money laundering charges last year, prosecutors are now seeking for the former co-founder to be sentenced to between 40 to 50 years in prison. 

Bitcoin Price Analysis

BTC/USD remains bullish despite recent losses and consolidation.

At press time, BTC is steady, adding roughly 1% in the previous trading day.

Beyond this, traders are looking for trend continuation above $73,800.

There are attempts for higher highs when writing. Accordingly, Bitcoin traders can buy on dips above the middle BB and $69,000. The immediate target remains at $73,800, or an all-time high.

Unexpected losses below $66,500 cancel this outlook, swinging price action in favor of sellers. In this eventuality, BTC might dip to $60,000 or lower.

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Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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