With the FOMC meetup coming next week on the 17th, the volatility in the US and crypto markets is on the rise. Amid the uncertainty, the Bitcoin price fluctuates
The cryptocurrency market is experiencing heightened volatility as traders eagerly anticipate the upcoming Federal Open Market Committee (FOMC) meeting, scheduled for March 17th. This meeting will play a crucial role in shaping the narrative for Bitcoin and other digital assets.
In the lead-up to the FOMC meeting, Bitcoin's price has exhibited remarkable resilience, fluctuating around the pivotal $58,000 price point. As the market adopts a cautious approach, anticipation builds regarding whether BTC will muster the strength to breach the $60,000 threshold.
To gain deeper insights into this unfolding scenario, let's delve into a technical analysis of BTC's price movements.
BTC Price Analysis: March 16th
1 Day Chart
The daily chart provides a visual representation of a channel pattern in Bitcoin's price action, which appears to be completing a bullish flag with the early 2024 rally. Currently, the BTC price showcases a double bottom pattern as it finds support around the $54,000 price level.
However, the lower price rejection from the support trendline hints at the possibility of a new bullish cycle within the channel. At press time, the BTC price encounters resistance at the 23.60% Fibonacci level as the recovery rally gains momentum.
Furthermore, the BTC price trades at $57,790, exhibiting an intraday pullback of 0.60%. This slight decline follows an increase of 1.39% during the overnight trading session, ultimately leading to a close above the $58,000 price point.
The next resistance level is situated at $58,655, which may potentially halt the V-shaped recovery in Bitcoin's price.
Technical Indicators:
Moving Average Convergence Divergence (MACD): The MACD indicator showcases a bullish crossover as the recovery run gains strength. Furthermore, the positive histograms are on the rise.
Relative Strength Index (RSI): The RSI indicator encounters difficulty in surpassing the halfway line and assumes a sideways trajectory after crossing the 14-day RSI SMA.
Bitcoin Exchange Volume Shows Decline
The Bitcoin Exchange Volume Momentum highlights a substantial decrease in on-chain activity related to exchanges. This decline reveals that fewer investors are actively trading Bitcoin, and the majority are adopting a cautious approach.
The #Bitcoin Exchange Volume Momentum shows a decline in on-chain activity tied to exchanges, signaling lower investor interest in $BTC. pic.twitter.com/PKZeWOolHl
As the broader market maintains a “wait-and-see” attitude, price action traders await clear signals to guide their next move.
Will Bitcoin Price Reach $60K?
With the recovery run facing opposition near the 23.60% Fibonacci level, the probability of Bitcoin's V-shaped recovery reaching $60,000 appears to be diminishing. However, the technical indicators maintain an overall bullish outlook.
If the BTC price manages to breach the neckline over the weekend, the bulls may propel the price to cross the $60K milestone.
For a comprehensive analysis of Bitcoin's future trajectory, check out Coinpedia's Bitcoin price prediction for 2024 and beyond.
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