{"id":9266,"date":"2022-03-14T03:49:52","date_gmt":"2022-03-14T03:49:52","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-drifts-into-weekly-close-while-fed-rate-hike-looms-as-next-major-btc-price-trigger\/"},"modified":"2022-03-14T03:49:53","modified_gmt":"2022-03-14T03:49:53","slug":"bitcoin-drifts-into-weekly-close-while-fed-rate-hike-looms-as-next-major-btc-price-trigger","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-drifts-into-weekly-close-while-fed-rate-hike-looms-as-next-major-btc-price-trigger\/","title":{"rendered":"Bitcoin drifts into weekly close while Fed rate hike looms as next major BTC price trigger"},"content":{"rendered":"
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Bitcoin (BTC) upped the volatility into the weekly close on March 13 as markets braced for geopolitical and macroeconomic cues.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Long-awaited Fed action set to come this week<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView\u00a0followed BTC\/USD as it again came close to testing $38,000 support during Sunday.<\/p>\n

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

Now, attention was already focusing beyond Sunday\u2018s close, specifically on the upcoming decision on interest rates from the United States Federal Reserve.<\/p>\n

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 their size.<\/p>\n

The situation between Russia and Ukraine remained a major focus amid faint signs that consensus between negotiators could be coming sooner rather than later.<\/p>\n

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\u2018s decision.<\/p>\n

\u201cBTC price continues to range between the 50 & 100 WMA,\u201d it summarized<\/a> to its Twitter followers on the day. <\/p>\n

\u201cExpecting 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.\u201d<\/p><\/blockquote>\n

Popular trader and analyst Crypto Ed, meanwhile,\u00a0described<\/a> the weekend\u2018s action as \u201cslow\u201d amid an absence of significant support or resistance retests, while fellow analyst Matthew Hyland likened Bitcoin\u2018s behavior to \u201cwatching paint dry.\u201d<\/p>\n

For stocks, however, it was a welcome rest from another week of heavy comedowns.<\/p>\n

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Global stocks have lost another $2.5tn in mkt cap this week as investors have been positioning around developments in #Ukraine<\/a>, #stagflation<\/a> fears, a hawkish tilt from #ECB<\/a>, and ahead of next week’s FOMC meeting. Global equities now worth $107.5tn equal to 127% of global GDP. pic.twitter.com\/pFDynD1NS3<\/a><\/p>\n

\u2014 Holger Zschaepitz (@Schuldensuehner) March 13, 2022<\/a><\/p><\/blockquote>\n

Russia\u2018s stock market remained closed throughout the week and was set to see no equities trading until at least March 18.<\/p>\n

Major pullback \u201ccannot be ruled out,\u201d says analyst<\/h2>\n

After calls for a more substantial BTC\/USD retracement, however, advice was coming in over a potential opportunity to \u201cbuy the dip.\u201d<\/p>\n

Related:\u00a0Bitcoin threatens $38K as 3-day chart hints at March 2020 COVID-19 crash repeat<\/em><\/strong><\/p>\n

Bitcoin\u2018s 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

In its latest market update released Friday, the firm argued that the scenario \u201ccannot be ruled out.\u201d<\/p>\n

\u201dSuch 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,\u201d it read.<\/p>\n

Its position on the market, however, would turn \u201cmid-term bearish.\u201d<\/p>\n<\/div>\n