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After a “boring” weekend, an exciting week awaits Bitcoin

 


Bitcoin ( BTC ) volatility picked up again notably ahead of the weekly close today, March 13, as the market awaits new geopolitical and macroeconomic developments.


Rate hike imminent

BTC/USD continues to test the $38,000 support this Sunday, data from Cointelegraph Markets Pro and TradingView shows.


The weekend was largely quiet for the market-leading cryptocurrency, which is probably primarily due to the fact that there have recently been no significant events outside or inside the market.


The focus of traders is therefore now on the coming week, in which, among other things, a decision on the planned interest rate hike by the American central bank is pending.


The hike, set for March 16th, could create new short-term volatility and possibly even a full-scale reversal, depending on the size of the move.


Sadly, the conflict between Russia and Ukraine also remains a crucial factor, although the first peace negotiations are not particularly promising so far.


Crypto market researchers at Material Indicators point out that Bitcoin price is floating between the 50-week MA and the 100-week MA (WMA) ahead of the interest rate hike.


"The BTC price is still in the price range between 50 & 100 WMA", as the analysts accordingly note on Twitter . And further:


“We assume typical volatility at the end of the week. Markets are fearful of the unpredictable aggressor Putin and the Federal Reserve's planned rate hike. Both could become important driving forces for further price development.”

Meanwhile, popular trader Crypto Ed describes the weekend as “dull” as there were no real tests of support and resistance. Colleague Matthew Hyland agrees that Bitcoin's current behavior is like "watching paint dry."


The stock market, meanwhile, is likely to rejoice in the boredom after another negative surprise for traditional financial markets last week.



In Russia, the stock market was also closed this week, trading here will probably only start again on March 18th.


New crash possible

While the crypto experts are mostly betting on further losses for BTC/USD, most see them as a cheap buying opportunity.


The 200-week MA and log growth at $20,000 and $30,000 respectively are the likely macro supports for any dips of this nature, according to Decentrader.


The trading platform experts warn that a new crash “cannot be ruled out”.


To that end it says:


“Such a crash could send Bitcoin down to the logarithmic growth curve, which is now above $30,000 for the first time. Below that level is the 200WMA, which is also on the rise and is now at $20,500.”


A dip below these levels would “turn negative in the medium term.”

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