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

Report Claims Nayib Bukele’s Regime May Issue a Salvadoran Stablecoin
Report Claims Nayib Bukele"s Regime May Issue a Salvadoran Stablecoin According to regional reports, El Salvador’s current leadership is in the midst of de
Researchers identify key circuit layer vulnerabilities in SNARK systems
Ana Paula Pereira3 hours agoResearchers identify key circuit layer vulnerabilities in SNARK systemsA study by Imperial College London examined 141 vulnerabilities in SNARK systems, mostly impacting system soundness and c
Price analysis 3/4: SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAX
Rakesh Upadhyay6 hours agoPrice analysis 3/4: SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAXBitcoin looks ready to blast above its all-time high, but traders should remember that vertical rallies are rarely sustainab
Bitcoin Price Signals Bullish Continuation With SuperTrend Rising, Here’s The Next Target After Beating $81,000
Este artículo también está disponible en español. The Bitcoin price trajectory has been nothing short of impressive since the beginning of November. Notably, Bitcoin has
Bitcoin Price Smashes $61.7K High — Leading Crypto Asset Needs to Gain Over 5% to Reach ATH
Bitcoin Price Smashes $61.7K High — Leading Crypto Asset Needs to Gain Over 5% to Reach ATH The price of bitcoin has continued to push toward higher prices as the leading crypto
Here’s Why The Bitcoin Price Saw Sharp Crash Below $67,000
Este artículo también está disponible en español. The Bitcoin pricebriefly crashed below $67,000 on October 21, although it quickly reclaimed this level as support before
Shellboxes, an Industry-Leading Cyber Security Firm, Declares Continuous Commitment to Protect Blockchain Projects From the Growing Threat of Cyber Attacks
Shellboxes, an Industry-Leading Cyber Security Firm, Declares Continuous Commitment to Protect Blockchain Projects From the Growing Threat of Cyber Attacks press release PRESS RELEA
BTC price dip hits 17.5% as week’s Bitcoin ETF net outflows near $500M
William Suberg2 hours agoBTC price dip hits 17.5% as week’s Bitcoin ETF net outflows near $500MBitcoin bulls brace for macro turbulence with the BTC price correction passing $12,000 versus recent all-time highs.3155 To
Keyfi Founder Sues Celsius — Says Crypto Lender’s Entire Portfolio Had ‘Naked Exposure to the Market’
Keyfi Founder Sues Celsius — Says Crypto Lender’s Entire Portfolio Had "Naked Exposure to the Market" On July 7, 2022, the pseudonymous non-fungible token (NFT) collector known
Optimism Raises $150 Million in Series B Funding Round Led by Paradigm and A16z
Optimism Raises $150 Million in Series B Funding Round Led by Paradigm and A16z Optimism, an L2 (Layer 2) rollup solution for Ethereum, has raised $150 million in its Series B fund
Bitcoin Miner Hut 8 to Add 275 PH/s of Mining Capacity With $8.3M Capital Raise
Bitcoin Miner Hut 8 to Add 275 PH/s of Mining Capacity With $8.3M Capital RaiseHut 8 Mining Corp. has raised $8.3 million from the sale of 6% of its shares to investors. The Canadia
Impact of shifting SEC policy on ETH ‘yet to be seen’ — Consensys SC
Turner WrightJun 07, 2024Impact of shifting SEC policy on ETH ‘yet to be seen’ — Consensys SCBill Hughes, Consensys’ senior counsel and director of global regulatory matters, spoke to Cointelegraph at Consensus 2