BTC price struggles below $39K ahead of expected interest rate hike by the Fed

On March 14, the blockchain community received some good news after regulators from the European Parliament’s Committee on Economic and Monetary Affairs voted against a ban on proof of work (PoW-based cryptocurrencies such as Bitcoin (BTC). This would have had serious ramifications on the crypto industry.

Cointelegraph Markets Pro and TradingView data show that Bitcoin trades sideways at $39,000 despite this positive development. This is despite geopolitical uncertainty and the possibility for a Federal Reserve interest-rate hike later in the week. CME Fed Fund futures prices indicate that traders have 100% confidence in pricing in a rate hike on March 16.

BTC/USDT one-day chart. Source: TradingView

Below are the views of several analysts on Bitcoin’s future ahead of an interest rate hike. Also, what levels should you be monitoring when following the bear and bull markets.

Price action was “insanely boring”

According to Michael van de Poppe (market analyst, Cointelegraph contributor), the price action on the cryptocurrency market on March 14, was “insanely dull.” He posted the following chart that shows one possible path BTC might take in the coming days.

BTC/USD one-day chart. Source: Twitter

Van de Poppe referred to the chart and said:

“Fundamentals are good steps. However, liquidity is still a key factor. We accelerate for Bitcoins below $37,000 If you are above $45,000, I believe we can accelerate for Bitcoin.

Consolidation pattern ongoing

Bitcoin seems to be following the same consolidation pattern as it did for the past two weeks, as shown in the chart below by Will Clemente, an on-chain cryptocurrency analyst.

BTC/USD one-day chart. Source: Twitter

John Wick, an options trader and pseudonymous Twitter account, posted the following chart. He noted that there is “a squeeze” on the daily charts.

“Violent actions come out of the squeeze as soon as we see it form the last time.

BTC/USD one-day chart. Source: Twitter

Related: Law Decoded – Joe Biden’s executive orders are finally here, and they don’t seem too terrible, March 7-14.

You are looking to turn $38,000 into support

Crypto analyst Rekt Capital (a pseudonymous Twitter user) offered a more detailed analysis of the situation. He posted the following chart, which points to the ongoing effort to convert $38,000 into Bitcoin support:

BTC/USD 1-week chart. Source: Twitter

Rekt Capital stated, “New BTC Weekly close shows that the Higher Low is still intact and that price is still trying to flip the $38,000 area into support. (red)”

An analyst and pseudonymous Twitter User TAnalyst posted this chart, which shows that Bitcoin is trading close to a major support level.

BTC/USD 1-month chart. Source: Twitter

The analyst explained:

“BTC — 9-year support that has never been broken. There is no need to speak. The chart is self-explanatory.

According to CoinMarketCap, the total cryptocurrency market is now worth $1.718 trillion. Bitcoin’s dominance rate stands at 42.8%.

com. You should do your research before making any investment or trading decision.