{"id":2574,"date":"2022-03-13T18:07:31","date_gmt":"2022-03-13T18:07:31","guid":{"rendered":"http:\/\/www.cryptoheretostay.com\/?p=2574"},"modified":"2022-03-13T18:07:31","modified_gmt":"2022-03-13T18:07:31","slug":"bitcoin-drifts-into-weekly-close-while-fed-rate-hike-looms-as-next-major-btc-price-trigger","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2574","title":{"rendered":"Bitcoin drifts into weekly close while Fed rate hike looms as next major BTC price trigger"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) upped the volatility into the weekly close on March 13 as markets braced for geopolitical and macro economic cues.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Long-awaited Fed action set to come this week<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0followed BTC\/USD as it again came close to testing $38,000 support during Sunday.<\/p>\n<p>The pair had seen a quiet end to the week on Wall Street, the weekend proving similarly calm as the status quo both within and outside crypto continued without surprises.<\/p>\n<p>Now, attention was already focusing beyond Sunday&#8217;s close, specifically on the upcoming decision on interest rates from the United States Federal Reserve.<\/p>\n<p>Due March 16, the extent of the presumed rate hike could provide temporary volatility and even a longer-lasting trend change for risk assets, depending on its size.<\/p>\n<p>The situation between Russian and Ukraine likewise remained a major focus, amid faint signs that consensus between negotiators could be coming sooner rather than later.<\/p>\n<p>For monitoring resource Material Indicators, the Bitcoin chart showed spot price between the 50-week and 100-week moving average (WMA), prior to the Fed&#8217;s decision.<\/p>\n<p>&#8220;BTC price continues to range between the 50 &amp; 100 WMA,&#8221; it summarized to Twitter followers on the day. <\/p>\n<p>&#8220;Expecting typical volatility around the weekly close. Market is fearful about Putin and pending FED Funds Rate announcement. Both are catalysts for what ever outcomes the charts are pointing to.&#8221;<\/p>\n<p>Popular trader and analyst Crypto Ed meanwhile described the weekend&#8217;s action as &#8220;slow&#8221; amid an absence of significant support or resistance retests, while fellow analyst Matthew Hyland likened Bitcoin&#8217;s behavior to &#8220;watching paint dry.&#8221;<\/p>\n<p>For stocks, however, it was a welcome rest from another week of heavy comedowns.<\/p>\n<p lang=\"en\" dir=\"ltr\">Global stocks have lost another $2.5tn in mkt cap this week as investors have been positioning around developments in #Ukraine, #stagflation fears, a hawkish tilt from #ECB, and ahead of next week&#8217;s FOMC meeting. Global equities now worth $107.5tn equal to 127% of global GDP. pic.twitter.com\/pFDynD1NS3<\/p>\n<p>\u2014 Holger Zschaepitz (@Schuldensuehner) March 13, 2022<\/p>\n<p>Russia&#8217;s stock market remained closed throughout the week and was likewise set to see no equities trading until at least March 18.<\/p>\n<h2>Major pullback &#8220;cannot be ruled out,&#8221; says analyst<\/h2>\n<p>After calls for a more substantial BTC\/USD retracement, however, advice was coming in over a potential opportunity to &#8220;buy the dip.&#8221;<\/p>\n<p><strong><em>Related:\u00a0Bitcoin threatens $38K as 3-day chart hints at March 2020 COVID-19 crash repeat<\/em><\/strong><\/p>\n<p>Bitcoin&#8217;s 200WMA and logarithmic growth curve, at just above $20,000 and $30,000, respectively, could form potential macro support levels should such an event occur, according to trading suite Decentrader.<\/p>\n<p>In its latest market update released Friday, the firm argued that the scenario &#8220;cannot be ruled out.&#8221;<\/p>\n<p>&#8220;Such a crash could take Bitcoin down towards the bottom of the logarithmic growth curve, which continues to climb and is now above $30,000 for the first time. Beyond that lies the 200WMA, which is also climbing and now at $20,500,&#8221; it read.<\/p>\n<p>Its position on the market, however, would turn &#8220;mid-term bearish.&#8221;<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-drifts-into-weekly-close-while-fed-rate-hike-looms-as-next-major-btc-price-trigger\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) upped the volatility into the weekly close on March 13 as markets braced for geopolitical and macro economic cues. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Long-awaited Fed action set to come this week Data from Cointelegraph Markets Pro and TradingView\u00a0followed BTC\/USD as it again came close to testing $38,000 support during Sunday. 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