The blockchain community received good news on March 14 after regulators in the European Parliament’s Committee on Economic and Monetary Affairs rejected a ban on Proof of Work (PoW) cryptocurrencies such as Bitcoin (BTC), which would have major implications for the crypto industry. .

Data from Cointelegraph Markets Pro and TradingView show that despite the positive development, Bitcoin continues to trade sideways around the $ 39,000 level amid geopolitical uncertainty and the possibility of a Federal Reserve rate hike later this week. Future prices on the CME Fed Fund indicate that traders are 100% sure of the interest rate increase on 16 March.

BTC / USDT day chart. Source: Trading View
Here’s what some analysts say about Bitcoin’s expectations ahead of any potential rate hike and what levels you should watch out for when tracking bullish and bearish market scenarios.

Price action was “insanely boring”
The price movement for cryptocurrency on March 14 was “extremely boring”, according to market analyst and Cointelegraph contributor Mikael van de Poppe, who posted the following chart outlining a potential path Bitcoin could take in the coming days:

BTC / USD one-day chart. Source: Twitter
Referring to the timeline, Van de Poppe said:

«Fundamentals -> good moves. But the liquidity aspects are the same. Under $ 37,000 and we are accelerating. I think over $ 45,000 is accelerating for Bitcoin. ”
The current consolidation model
Overall, Bitcoin appears to be continuing its consolidation pattern over the past two months, as shown in the following chart published by cryptocurrency analyst Will Clemente.

BTC / USD one-day chart. Source: Twitter
Regarding the next step for this pattern, option trader and Twitter user John Wick released the following chart, saying that “pressure is created on the daily chart.” He further explained:

“Violent movements come out of the pressure just as we saw them the last time they formed.

BTC / USD one-day chart. Source: Twitter
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Applying for $ 38,000 in support
The higher timeframe analysis was provided by cryptanalyst and Twitter user under the pseudonym Rekt Capital, which posted the following chart indicating an ongoing attempt to convert $ 38,000 to support Bitcoin:

Weekly chart for BTC / USD. Source: Twitter
Rekt Capital explained: “BTC’s new weekly closing shows that the upper bottom (green) is still intact and the price is still trying to turn the $ 38,000 range into (red) support.”

Analyst and Twitter user Tanalyst noted the recent bullish pause for Bitcoin, when he posted the following chart showing Bitcoin trading near a key support level:

Monthly chart for BTC / USD. Source: Twitter
The analyst explained:

“BTC is 9 years back, never broken. You do not need to talk. [This] chart is self explanatory.”
According to CoinMarketCap, the total cryptocurrency market currently stands at $ 1.718 trillion, with a Bitcoin dominance rate of 42.8%.

Source: CoinTelegraph