Bitcoin price feels FOMC friction as trader sets eyes on mid-$50,000 zone – TradingView News

Bitcoin BTCUSD It neared $60,000 at the Wall Street open on March 19 as BTC price weakness showed no signs of abating.Cointelegraph

The tailwind keeps the pressure up

Data from Cointelegraph Markets Pro and TradingView showed BTCUSD is preparing to test $62,000 in volatile conditions at the time of writing.

The largest cryptocurrency came under renewed selling pressure immediately after the daily close, falling nearly 8% on the day.

The trend came as risk assets prepared to weather the U.S. Federal Reserve's upcoming interest rate decision on March 20.Cointelegraph

The US dollar gained at the same time, with the US Dollar Index (DXY) rising above 104 before consolidating.Cointelegraph

In the eyes of market watchers, the Fed incident was just one of several headwinds for Bitcoin.

Others included news that Japan's central bank had raised interest rates for the first time since 2007, as well as outflows from the Grayscale Bitcoin Trust (GBTC), whose daily balance hit a record $642 million on March 18.

“I think we are on the verge of a bottom and the correction is superficial, altcoins are bleeding -> big opportunities,” wrote Michaël van de Poppe, founder and CEO of trading company MNTrading, in a recent comment on X (formerly Twitter). .

An accompanying chart suggested a bearish divergence BTCUSDwith Van de Poppe joining those eyeing $60,000 as a potential reversal point.Cointelegraph

Brandt: February BTC price trendline allows for a decline of $55,000

Old hands remained positive about Bitcoin’s overall strength.

Related: Next, keep an eye on Bitcoin values ​​as BTC price risks falling below $60,000 again

For veteran trader Peter Brandt, who has successfully declared various BTC price milestones over the past few years, the current correction was not a cause for concern.

“This correction is healthy. BTC is in a big uptrend,” he summarized during an X discussion.

Brandt pointed out a possible head and shoulders pattern playing out on daily time frames. He warned that there could still be a deeper fall towards $55,000, but this too will continue BTCUSD in line with its broader rising trend.Cointelegraph

As Cointelegraph reported, confidence in the bull market has not diminished despite repeated failures to push the old 2021 all-time highs of $69,000 to final support.

This article does not contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their own research when making their decision.

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