On March 14, the blockchain community received some good news after the European Parliament’s Committee on Economic and Monetary Affairs voted against a ban on proof of work (PoW)-based cryptocurrencies such as Bitcoin ( Bitcoin). This would have had serious implications for the crypto industry.
Data from Cointelegraph Markets Pro, TradingView show that Bitcoin trades sideways at the $39,000 mark despite this positive development. This is despite geopolitical uncertainty as well as the possibility of a Federal Reserve rate hike later in the week. CME Fed Fund futures prices indicate that traders price in a March 16 rate increase with 100% confidence.
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 (Markets analyst, Cointelegraph contributor), the price action on the cryptocurrency market on March 14 was “insanely boring.” He posted this chart that shows one possible path BTC might follow in the next days.
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 created by Will Clemente, an on-chain cryptocurrency analyst.
John Wick , a pseudonymous Twitter user and options trader, posted the following chart. He noted that there is “a squeeze” on the daily chart.
“Violent actions come out of the squeeze as soon as we see it form the last time.
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 and pseudonymous user on Twitter, Rekt Capital, offered a more detailed analysis. He posted this chart that pointed to the ongoing effort to convert $38,000 into Bitcoin support:
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 provided a final piece of reassurance to Bitcoin bulls. He posted this chart showing that BTC trading is near a major support level.
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%.
These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.