On March 16, Bitcoin (BTC) once again tested the nerves of traders as the new high of over $ 40,000 ended in minutes.
Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
Pants feel the burn after rising to $ 41,700
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD suddenly jumped to $ 41,700 on Bitstamp before reversing immediately.
Two hourly lights were enough for the entire market to rise by $ 2000, break through significant levels of resistance and then fall again.
This move, which was popular until recently, was not without victims, as evidenced by liquidations on the stock exchanges.
According to the network monitoring resource Coinglass, Bitcoin at the time of writing accounted for 98 million dollars of it in 24 hours. The total number of cryptocurrency liquidations during this period was just over $ 200 million.
Filter table for cryptocurrency. Source: Coinglass
BTC / USD is still in the middle of its stable trading range, breaking resistance at $ 40,000 and $ 41,000 before the latter consolidated after the pair contracted.
On March 16, $ 41,000 remained under sales pressure, but a large number of sellers did not yet show up at $ 40,000, data from Binance’s order book compiled by Physical Resource Watch showed.
BTC / USD (Binance) order book chart. Source: Important figures.
“Party postponed” before the Fed announcement of interest rate hikes?
Meanwhile, for analysts, the recent past is fading in relation to what the near future may bring on March 16.
Related: Bitcoin risks “Bear Market Capitulation” when wealthy investors continue to sell Bitcoin – Analyst
At 14:00 ET, the US Federal Reserve is ready to reveal interest rate changes, which many have followed closely as a potential change in the interest rate model.
Therefore, the well-known Crypto Ed trader and analyst had nothing to look at before the news came.
Meanwhile, the PlanC Twitter account claims that the market has already taken into account the expected increase of 0.25%, but this will not help the forces of macro-inflation, which can promote itself as BTC as a value store.
“The Fed will raise interest rates by 25 basis points, which have already been priced in, and will do nothing to stop inflation,” the report said.
At the time of writing, BTC / USD is trading at around $ 39,500, still above the March 15 levels.