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On Monday, March 20, the Bitcoin (BTC) price made a move past $28,000 levels for the first time since June 2022 as strong bullish sentiment grips the world’s largest crypto. As the global banking system shows signs of derailment, investors are putting greater trust in Bitcoin.
However, Bitcoin has faced a partial retracement over the last 24 hours and is currently trading at $27,891 with a market cap of $538 billion. Although market optimists are expecting the BTC price to touch $30,000 anytime soon, the next move shall likely depend on the Fed meeting that begins on Tuesday, March 21.
The next Fed action shall be very crucial to determine how US equities and crypto react. On one hand, it is fighting inflation, and on the other hand, the unfolding banking crisis has forced it to pump $300 billion into the economy once again. This has reversed all the monetary tightening measures that the Fed undertook over the last six months.
The next FOMC meeting will make it clear whether the Fed has finally chosen to pivot and move back towards money printing. However, some analysts don’t rule out another 25 basis points rate hike. Even as the Credit Suisse crisis unfolded last week, the ECB still chose to proceed with a 50 basis points hike. This shows that inflation is a major concern for the central bank at this point. Will the Fed take a similar stand to the ECB?
What’s Next for Bitcoin (BTC)?
As we can see, Bitcoin has been facing strong resistance at $28,000 on the upside. On the downside, $27,000 remains a crucial support for the crypto. Citing technical chart, popular analyst Ali Martinez explains:
The TD Sequential presents a sell signal on $BTC 1D chart. It anticipates a 1 to 4 candlesticks correction, which may push #BTC below the $27,000 support a trigger a dip to $26,000-$25,300. #Bitcoin must close above $28,200 to invalidate the sell signal and jump to $29,600.
On the other hand, the supply of Bitcoin on exchanges has shot up significantly over the last week or so. This could mean probable selling pressure on BTC going ahead.
~54,000 $BTC have been sent to known #crypto exchange wallets in the last 9 days, shows data from @glassnode. pic.twitter.com/Nn0P66HbOq
— Ali (@ali_charts) March 20, 2023
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