BTC price struggles below $39K ahead of expected interest rate hike by the Fed

2 years ago

Bitcoin consolidates beneath $39,000 arsenic 1 trader warns astir a imaginable compression connected the regular chart, portion a nine-year enactment level continues to clasp strong.

BTC terms struggles beneath $39K up of expected involvement complaint hike by the Fed

The blockchain assemblage got a spot of bully quality connected March 14 aft regulators successful the European Parliament's Committee connected Economic and Monetary Affairs rejected a prohibition connected proof-of-work (PoW) based cryptocurrencies similar Bitcoin (BTC) that would person had important ramifications for the crypto industry.

Data from Cointelegraph Markets Pro and TradingView shows that contempt the affirmative development, Bitcoin continues to commercialized sideways adjacent the $39,000 level amid geopolitical uncertainty and the anticipation of a Federal Reserve involvement complaint hike aboriginal this week. CME Fed Fund futures prices suggest that traders are pricing successful a March 16 complaint hike with 100% confidence.

Here’s what respective analysts are saying astir the outlook for Bitcoin up of immoderate imaginable involvement complaint hike and what levels to support an oculus connected erstwhile tracking the bull and carnivore marketplace scenarios.

Price enactment has been “insanely boring”

The terms enactment successful the cryptocurrency marketplace connected Monday has been “insanely boring,” according to markets expert and Cointelegraph contributor Michaël van de Poppe, who posted the pursuing illustration outlining 1 imaginable way BTC could travel successful the coming days:

Referencing the chart, van de Poppe said:

“Fundamentals -> bully steps. But, liquidity sides inactive the same. Sub $37,000 and we accelerate. Above $45,000 and I deliberation we accelerate for Bitcoin.”

Ongoing consolidation pattern

Overall, Bitcoin appears to beryllium continuing the consolidation signifier it has been pursuing for the past 2 months arsenic highlighted successful the pursuing illustration posted by on-chain cryptocurrency expert Will Clemente.

As for what comes adjacent with this pattern, options trader and pseudonymous Twitter idiosyncratic John Wick posted the pursuing illustration noting that determination is “a compression forming connected the regular chart.” He further explained:

“Violent moves travel retired of the compression conscionable arsenic we spot the past clip this formed.

Looking to flip $38,000 into support

Analysis from a higher timeframe position was offered by crypto expert and pseudonymous Twitter idiosyncratic Rekt Capital, who posted the pursuing illustration pointing to the ongoing effort to flip $38,000 into enactment for Bitcoin:

“New BTC Weekly Close shows that the Higher Low (green) is inactive intact and terms is inactive successful the process of trying to decently flip the $38,000 country into enactment (red),” Rekt Capital explained.

A last spot of reassurance for Bitcoin bulls was noted by expert and pseudonymous Twitter idiosyncratic TAnalyst, who posted the pursuing illustration showing that BTC is trading adjacent a large enactment level:

The expert explanined:

“BTC - The 9-year support, ne'er broken. No request to talk. Chart is self-explanatory."

The wide cryptocurrency marketplace present stands astatine $1.718 trillion and Bitcoin’s dominance complaint is 42.8%, according to CoinMarketCap.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.

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