Bitcoin Moves Into Weekly Close As Fed Rates Up For Increase

Bitcoin
Bitcoin

Bitcoin again came near to testing the $38,000 level of support price this Sunday, along with USD coin. Both had witnessed a tame end on Wall Street this week. A similarly calm status prevailed this weekend even as a status quo prevailed both outside and within crypto without any surprises.

The attention has shifted beyond Sunday’s close. It was a similarly docile weekend with a state of status quo prevailing both inside and outside cryptocurrencies continued sans surprises.

Attention has now focused beyond the closure on Sunday. The attention was specifically focused on US Federal Reserve interest rates.

From March 16, the degree of the rate hike that has been presumed could lead to a state of temporary instability and could even lead to a trend modification for asset risks depending on size.

One major issue of contention remains the situation in Ukraine and Russia. But any signs of a consensus between the two nations should be coming soon.

To monitor resource indicators, Bitcoin charts displayed spot prices between the 50 and 100 weeks moving average before the decision by the Fed.

Bitcoin Prices Held At The Range Of 50-100

It summarized that Bitcoin prices continued to be in the range of 50 WNA and 100 WNA.

It said that a state of typical volatility was expected as the week drew to a close. The markets remained wary of the announcement of pending Funds Rate for FED and the reaction of Putin to the ongoing crisis.

Both would be catalysts to the scenarios that are being pointed on the charts.

Crypto Ed, the popular analyst and trader, described as slow, action this weekend as there was a lack of resistance retests or significant support. Matthew Hyland, a fellow analyst, compared the behavior of Bitcoin with watching paint dry.

Following calls for a significant retracement in BTC and USD, advice has however come in over potential buying opportunity and buy into the dip. 

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