Bitcoin consolidates beneath $39,000 as one dealer warns about a feasible squeeze on the each day chart, while a nine-year aid degree continues to hold strong.
The blockchain community bought a bit of top 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) based totally cryptocurrencies like Bitcoin (BTC) that would have had large ramifications for the crypto industry.
Data from various analysts indicates that despite the tremendous development, Bitcoin continues to change sideways near the $39,000 degree amid geopolitical uncertainty and the possibility of a Federal Reserve hobby charge hike later this week. CME Fed Fund futures prices endorse that traders are pricing in a March 16 rate hike with 100% confidence.
Here’s what various analysts are announcing about the outlook for Bitcoin ahead of any viable pastime rate hike and what levels to preserve an eye on when tracking the bull and undergoing market scenarios.
Price motion has been “insanely boring”
The price motion in the cryptocurrency market on Monday has been “insanely boring,” in accordance to markets analyst, who posted the following chart outlining one possible route BTC could observe in the coming days:
Ongoing consolidation pattern
Overall, Bitcoin seems to be persevering with the consolidation pattern it has been following for the past two months as highlighted in the following chart posted through on-chain cryptocurrency analyst Will Clemente.
As for what comes next with this pattern, preferences dealer and pseudonymous Twitter consumer John Wick posted the following chart noting that there is “a squeeze forming on the each day chart.” He in addition explained:
“Violent strikes come out of the squeeze just as we see the final time this formed.
Looking to flip $38,000 into support
Analysis from a higher timeframe standpoint was provided via crypto analyst and pseudonymous Twitter person Rekt Capital, who posted the following chart pointing to the ongoing strive to flip $38,000 into support for Bitcoin:
“New BTC Weekly Close shows that the Higher Low (green) is nonetheless intact and rate is still in the procedure of trying to appropriate flip the $38,000 vicinity into help (red),” Rekt Capital explained.
A remaining bit of reassurance for Bitcoin bulls was once mentioned with the aid of analyst and pseudonymous Twitter person TAnalyst, who posted the following chart showing that BTC is buying and selling close to a important assist level:
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.