Fun

Bitcoin price feels FOMC friction as trader eyes trip to mid-$50K zone

News Feed - 2024-03-20 12:03:46

William Suberg8 hours agoBitcoin price feels FOMC friction as trader eyes trip to mid-$50K zoneBTC price risks mount into a classic risk-asset hurdle, but optimistic analysis sees room for a deeper correction still preserving the Bitcoin bull market.4134 Total views2 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) headed closer to $60,000 at the March 19 Wall Street open as BTC price weakness showed no signs of fading.BTC/USD 1-hour chart. Source: TradingViewTailwinds combine to keep pressure on


Data from Cointelegraph Markets Pro and TradingView showed BTC/USD preparing to test $62,000 at the time of writing amid volatile conditions.


The largest cryptocurrency encountered fresh selling pressure immediately after the daily close, dropping by almost 8% on the day.


The trend came as risk assets prepared to weather the upcoming interest rates decision from the United States Federal Reserve on March 20.U.S. dollar Index (DXY) 1-hour chart. Source: TradingView


The U.S. dollar gained in tandem, with the U.S. dollar index (DXY) spiking above 104 before consolidating.Source: Tedtalksmacro/X


In the eyes of market observers, the Fed event formed just one of several headwinds for Bitcoin.


Others included news that Japan’s central bank had raised rates for the first time since 2007, as well as outflows from the Grayscale Bitcoin Trust (GBTC), the daily tally for which hit a record $642 million on March 18.


“I think we"re close to a bottoming procedure and the correction is shallow, altcoins bleeding -> great opportunities,” Michaël van de Poppe, founder and CEO of trading firm MNTrading, wrote in part of recent commentary on X (formerly Twitter).


An accompanying chart raised the prospect of a bearish divergence on BTC/USD, with Van de Poppe joining those eyeing $60,000 as a potential reversal point.BTC/USD chart. Source: Michaël van de Poppe/XBrandt: February BTC price trendline allows $55,000 dip


Old hands, meanwhile, stayed positive on Bitcoin’s overall strength.


Related: Bitcoin levels to watch next as BTC price risks sub-$60K retest


For veteran trader Peter Brandt, who successfully called various BTC price milestones in recent years, the current correction was little to worry about.


“This correction is healthy. BTC is in a major bull trend,” he summarized in part of an X discussion.


Brandt flagged a potential head and shoulders pattern playing out on daily timeframes. A deeper comedown toward $55,000 could still result, he warned, but even this would keep BTC/USD in line with its broader rising trend.Source: Peter Brandt/X


As Cointelegraph reported, confidence in the bull market has not waned despite repeated failures to flip old all-time highs at $69,000 from 2021 to definitive support.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# MarketsAdd reactionAdd reactionRead moreThe Fed’s BTFP program is officially over — Will Bitcoin price take another blow?Bitcoin levels to watch next as BTC price risks sub-$60K retestIs Bitcoin ready for new all-time high now that excessive leverage is gone?

News Feed

Rakesh Upadhyay5 hours agoPrice analysis 7/12: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC, MATIC, DOTBitcoin continues to face strong resistance at $31,000, but supportive macroeconomic factors could tilt the advantage in f
Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Following Decline in US Consumer Confidence 
Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Following Decline in US Consumer Confidence  Bitcoin rebounded on March 1, as markets reacted to the latest consumer confidence
Magic Eden Foundation launches ME token for cross-chain trading
Josh O"Sullivan10 hours agoMagic Eden Foundation launches ME token for cross-chain tradingThe Magic Eden Foundation introduces the ME token to enhance cross-chain trading, driving NFT platform expansion and DApp integrat
Bitcoin traders back in profit even as price slows alongside spot BTC ETF inflows
Nancy Lubale3 hours agoBitcoin traders back in profit even as price slows alongside spot BTC ETF inflowsDespite this week’s Bitcoin price sell-off, the rally to $68,000 put short-term traders back in profit and onchain
RFK Jr: Only Bitcoin can guarantee US dollar’s reserve currency status
Sam Bourgi6 hours agoRFK Jr: Only Bitcoin can guarantee US dollar’s reserve currency statusPresidential candidate Robert F. Kennedy Jr. heard about Bitcoin from his kids. Now, he believes it should be part of the bedro
Nigerian SEC announces new rules, compliance program for digital assets
Amaka Nwaokocha9 hours agoNigerian SEC announces new rules, compliance program for digital assetsWhile this application process is intended to improve compliance, VASPs are directed to complete it no later than 30 days f
Cardano Next In Line After XRP? ADA Price Targets $4.88 In Epic Breakout
Este artículo también está disponible en español. Cardano could be the next to surge after XRP, as the ADA price shows signs of an imminent market recovery. A crypto anal
‘We’ve All Decided Centralized Banking Is Rigged’ — South Park Episode Features a Bitcoin-Only Future
"We’ve All Decided Centralized Banking Is Rigged" — South Park Episode Features a Bitcoin-Only Future South Park’s recent episode called the “Post COVID” s
Bitcoin Indicator That Timed January Top Now Gives Signal To Buy
Este artículo también está disponible en español. An analyst has pointed out how the Bitcoin Tom Demark (TD) Sequential has just given a signal that could be bullish for
Alek Hidell10 hours agoGoogle paves way for AI-produced content with new policyA subtle change to the description of Google Search’s helpful content system could very well be the beginning of a new era of content distr
Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Moves Away From 1-Month Low
Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Moves Away From 1-Month Low Market uncertainty in crypto was once again higher on Thursday, as traders continue to anticipate ne
ASI token merger phase 1 results in delisting of AGIX, OCEAN
Arijit Sarkar14 hours agoASI token merger phase 1 results in delisting of AGIX, OCEANThe initial phase of the ASI token merger sees AGIX and OCEAN tokens integrate into Fetch.ai’s FET with limited exchange support.3591