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Bitcoin Tests Support Levels Amid Market Uncertainty Ahead of Key Federal Reserve Decision

On March 19, Bitcoin‘s journey took a downturn, reaching new lows within the week, sparking speculation among traders and analysts about the potential paths the cryptocurrency’s price might take amidst a broader market slump.

Despite achieving unprecedented heights previously, Bitcoin’s stability is now being tested, with key support levels struggling to hold firm.

Amidst this uncertainty, market watchers are identifying crucial thresholds and entertaining the possibility of a recovery bounce.

A significant factor that could influence the crypto market’s direction is the upcoming Federal Reserve’s interest rate decision on March 20.

Historical patterns suggest that Federal Open Market Committee (FOMC) meetings have previously impacted risk assets, leading to speculation that the forthcoming announcement could ease the current pressure on cryptocurrencies.

Cointelegraph’s examination of short-term BTC/USD predictions reveals an anticipation of Bitcoin potentially approaching the $60,000 mark, a crucial juncture that has yet to be retested convincingly.

Traders, including a notable one named George, suggest that a dip below last week’s low could lead to prices falling under $60,000.

Another trader, Ali, points out key support levels using the realized price distribution method, highlighting significant figures below the $60,000 range, while also identifying major resistance levels.

Analyst Mark Cullen, utilizing Fibonacci retracement levels, indicates multiple support levels that Bitcoin might encounter.

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Furthermore, a “bullish order block” suggests bids congregating around the current price point, below $64,000, indicating potential areas where the correction could stabilize, contingent also on the outcomes of the FOMC meeting.

As the FOMC meeting garners attention, not just within crypto circles but across the broader spectrum of risk assets, financial commentator Tedtalksmacro anticipates that the Fed Chair Jerome Powell’s address could set a pivotal moment for the market.

Predicting a hawkish stance from Powell in response to persistent inflation, Tedtalksmacro suggests that the speech could mark a turning point for risk assets, potentially signaling a bottom.

Amidst these predictions and analyses, Bitcoin exhibits volatility around the $64,000 mark, awaiting the next movements influenced by macroeconomic factors and market sentiment.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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