Bitcoin fades into weekend while Fed rate hike comes as next big BTC price trigger

Bitcoin (BTC) increased volatility over the weekend of March 13 as the market braced for macroeconomic and geopolitical signals.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

The long-awaited Fed action is coming this week

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it again neared testing the $38,000 support on Sunday.

The pair ended a quiet week on Wall Street, the weekend proving similarly calm as the status quo both in and out of crypto continued without surprises.

Now, attention was focused after the end of Sunday, especially on the upcoming decision on interest rates from the US Federal Reserve.

Due to March 16, the magnitude of the hypothetical rate hike could cause temporary volatility and even a more permanent trend change for risky assets, depending on its size.

Similarly, the situation between Russia and Ukraine remains a major focus, amid dim signs that a consensus among negotiators may come sooner rather than later.

To keep an eye on the Resource Material Indicators, the Bitcoin chart shows the spot price between the 50-week and 100-week moving averages (WMAs), ahead of the Fed’s decision.

“BTC price continues to fluctuate between 50 and 100 WMA”, it summary for the Twitter followers of the day.

“Expect typical volatility over the weekend. Markets are fearful of Putin and the Fed awaiting the Fund Rate announcement. Both are catalysts for what ever results the charts are showing. towards.”

Meanwhile, renowned trader and analyst Crypto Ed description Action over the weekend was “slow” amid no significant support or resistance retesting, while fellow analyst Matthew Hyland likened Bitcoin’s behavior to “watching paint dry.”

For stocks, however, it’s a welcome respite from another comedy-heavy week.

The Russian stock market will remain closed throughout the week and likewise there will be no trading in shares until at least March 18.

Analyst said:

However, following calls for a more significant BTC/USD retracement, advice has come out about a potential opportunity to “buy on the downside”.

Related: Bitcoin Threatens $38K As 3-Day Chart Hints March 2020 Repeat COVID-19 Incident

According to the Decentrader trading suite, Bitcoin’s 200WMA and logarithmic growth curve, just above $20,000 and $30,000, could form potential macro-support levels should such an event occur, according to a report. Decenttrader trading suite.

Its newest market update announced Friday, the company argued that the scenario “cannot be ruled out.”

“Such a crash could take Bitcoin to the bottom of the logarithmic growth curve, continue to rise and now stay above $30,000 for the first time. There is also the 200WMA, which is also bullish and currently at $20,500. la”, it read.

However, its position in the market will turn “bearish in the medium term”.