Bitcoin (BTC) increased volatility at the end of the week on March 13 as markets prepared for geopolitical and macroeconomic signals.

Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
Long awaited Fed decision coming this week
It followed data from Cointelegraph Markets Pro and TradingView BTC / USD as it again approached a support test of $ 38,000 on Sunday.

The couple saw a calm end to the week on Wall Street. The weekend proved as calm as the status quo in and out of the crypto continued without surprises.

Now the attention has already been focused as Sunday approaches, especially on the forthcoming interest rate decision from the US Federal Reserve.

The expected interest rate increase on 16 March should lead to temporary fluctuations and even a long-term reversal of risky assets depending on their size.

The situation between Russia and Ukraine remained in the spotlight among weak signs that a consensus among negotiators may come sooner rather than later.

To track significant performance in the resources, the Bitcoin chart showed a spot price between the 50-week and 100-week moving averages (WMA) before the Fed’s decision.

“The BTC price remains in the 50-100 WMA range,” he summed up that day to his Twitter followers.

«Expect typical fluctuations around the end of the week. The market is afraid of Putin and the upcoming Fed rate hike. Both are catalysts for the results shown in the charts. ”
Meanwhile, popular crypto trader and analyst Ed Ed described the weekend’s action as “slow” amid a lack of significant support or repeated resistance tests, while analyst Matthew Hyland compared Bitcoin’s behavior to “watching the paint dry.” .

For equities, however, it was a welcome respite from another week of the Great Depression.

The Russian stock market has been closed all week and there will be no trading in shares until at least March 18.

Analyst says large withdrawal “can not be ruled out”
Following calls for a more fundamental correction in the BTC / USD pair, advice followed regarding the potential opportunity to “buy on the fall”.

RELATED: Bitcoin Threats $ 38,000 with March 2020 3-Day Chart Signals to Repeat COVID-19 Crash

According to the trading group DecenTrader, Bitcoin’s 200WMA curve and the logarithmic trend of just over $ 20,000 and $ 30,000, respectively, could form potential macro support levels if such an event occurs.

In its latest market update, released on Friday, the company says the scenario “can not be ruled out.”

“Such a crash could send bitcoin to the bottom of the logarithmic growth curve, which continues to rise and now exceeds $ 30,000 for the first time. In addition, there is 200WMA, which also rises and is now worth $ 20,500.”

However, his market position may become “bearish” in the medium term.

Source: CoinTelegraph

LEAVE A REPLY