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Bitcoin (BTC) does not come out of the kink – weak starting position before interest rate hike

 


Bitcoin ( BTC ) is seeing noticeable volatility again as Wall Street starts trading today, March 15, as the Federal Reserve's planned interest rate hike draws ever closer.


Rate hike imminent

Accordingly, data from Cointelegraph Markets Pro and TradingView show that BTC/USD has fallen close to $500 after previously failing to reclaim the $39,000 mark.


A push towards $40,000 was unsuccessful for bulls overnight , paving the way for more losses a day ahead of the Federal Reserve's interest rate hike.


In view of the high inflation, the experts assume that there will be no increase of more than 0.25%, so that the balance in a market that is already overloaded with liquidity and unsettled by the Ukraine conflict does not get completely out of whack.


"We will proceed as planned, but we will do so with caution so as not to lose sight of the implications of the war in Ukraine," Central Bank Governor Jerome Powell said in early March .


At press time, Bitcoin is clearly volatile on the short price charts but stable on the longer charts. A behavior that has shaped the market-leading cryptocurrency for almost the whole of 2022.


Not even the good news from yesterday, Monday, that the European Parliament rejected a general ban on Proof-of-Work (PoW) cryptocurrencies could inspire Bitcoin.


Crypto analyst Matthew Hyland therefore believes that a significant breakout of the current price range is required for this situation to really change.



"It's interesting that we've spent more time near $46,000 than $33,000 so far," he said, nonetheless finding something positive to say about the current state of the market . To which he adds:


“So you might think that demand is slowly increasing and the pressure to sell is easing. Either way, we won't stay in this price range forever.”

The Fed's big announcement will be made tomorrow, Wednesday, after which Fed Chair Powell will comment on his decision less later.


Long-term trend remains positive

Meanwhile, crypto investors console themselves with the fact that the long-term time horizon is still positive.


For example, Twitter user “Cryptobirb” opines that BTC/USD has been consistently making higher highs and higher lows since the start of 2021, which would indicate a steady uptrend.

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