The blockchain community received some good news on March 14 after regulators in the European Parliament’s Committee on Economic and Monetary Affairs rejected a ban on Proof-of-Work (PoW)-based cryptocurrencies like Bitcoin (BTC) that has had significant repercussions would have had on the cryptocurrency industry.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin is still trading sideways near $39,000 by the end of this week, despite the upside amid geopolitical uncertainty and the possibility of a Federal Reserve rate hike. CME Fed Fund futures prices suggest traders are pricing in a March 16 rate hike with 100% confidence.
Here’s what several analysts are saying about Bitcoin’s prospects ahead of a potential rate hike, and what levels to watch when tracking the bull and bear market scenarios.
Prize campaign was “incredibly boring”
Price action in the cryptocurrency market on Monday was “incredibly boring” According to market analyst and Cointelegraph contributor Michael van de Poppe, the released The chart below shows a possible path that BTC could follow in the coming days:
Referring to the diagram, van de Poppe said:
“Fundamentals -> Good moves. But liquidity sides remain the same. Below $37K and we are accelerating. Above $45K and I think we are accelerating for Bitcoin.”
Continuous consolidation pattern
Usually, Bitcoin appears to be continuing the consolidation pattern it has been following for the past two months, as highlighted in the graphic below released by cryptocurrency on-chain analysts, Will Clemens.
As for this pattern, options traders and pseudonymous Twitter users John Wick released The chart below indicates that “a tightening is forming on the daily chart.” In addition, he stated:
“Violent movements come out of the choke, just like we saw the last time it formed.”
I want to convert $38,000 into support
Cryptocurrency analyst and pseudonymous Twitter user, Rekt Capital, offered an analysis from a higher time perspective and released The chart below indicates the ongoing attempt to convert $38,000 into support for Bitcoin:
“BTC’s new weekly close shows that the higher low (green) is still intact and the price is still in the process of properly turning the $38,000 area into support (red),” Rect Capital Explained.
A last resort against Bitcoin bulls has been pointed out by an analyst and pseudonymous Twitter user TAnalyst, the released The chart below shows BTC trading near a major support level:
The analyst explained:
“BTC – 9 years of support, never broken. No need to talk. Diagram is self-explanatory.”
The cryptocurrency’s total market cap is currently $1.718 trillion and Bitcoin’s dominance rate is 42.8%.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.