Overview

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The Fed opted for a 25bp rate hike, a compromise, and now we stand to see the effects. Bitcoin rallied before the Fed’s decision. Earlier in March, it found support at Data from Cointelegraph Markets Pro and TradingView showed BTC/USD fluctuating around the $29,000 mark on Bitstamp. U.S. Personal Consumption Expenditures Data from the analytics firm Kaiko shows that the 90-day price volatility for Bitcoin and ether has declined to multi-year lows of 35% and 37%, respectively. This means that over the past three Bitcoin BTCUSD and ether ETHUSD were mimicking the dullness of traditional finance ahead of Wednesday’s key FOMC rate decision during the Asia trading day. Major cryptocurrencies faced selling pressure on Thursday following the release of the Fed eral Reserve’s latest meeting minutes. Investor concerns about the Bitcoin fell below $95,000 amid macroeconomic uncertainty and anticipation of the Federal Reserve meeting. Analysts warn of potential further declines, with key support Bitcoin (BTC), the world’s first and largest cryptocurrency by market capitalization, has once again bounced at support in the $29,500 area and was last changing

Bitcoin Rangebound Below $29K: Traders Uncertain on Fed Rate Path

Bitcoin (BTC), the world's first and largest cryptocurrency by market capitalization, has once again bounced at support in the $29,500 area and was last changing hands around the $29,000 mark on Bitstamp. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD fluctuating around the $29,000 mark. This persistent sideways movement reflects investor uncertainty surrounding the Federal Reserve's future monetary policy.

Fed Rate Hike Fuels Uncertainty

Major cryptocurrencies faced selling pressure on Thursday following the release of the Federal Reserve’s latest meeting minutes. Investor concerns about the The Fed opted for a 25bp rate hike, a compromise, and now we stand to see the effects. Bitcoin rallied before the Fed’s decision, suggesting initial optimism that has since waned as traders digest the implications.

Volatility at Multi-Year Lows

Data from the analytics firm Kaiko shows that the 90-day price volatility for Bitcoin and ether has declined to multi-year lows of 35% and 37%, respectively. This means that over the past three Bitcoin BTCUSD and ether ETHUSD were mimicking the dullness of traditional finance ahead of Wednesday’s key FOMC rate decision during the Asia trading day. This low volatility environment suggests a period of consolidation while the market awaits further clarity on the Fed's next move.

Key Support Levels

Earlier in March, Bitcoin found support at $29,500. Analysts warn of potential further declines if this level is breached, highlighting that maintaining this support is crucial for preventing further downside.

Macroeconomic Uncertainty Remains

U.S. Personal Consumption Expenditures (PCE) data is a key factor influencing market sentiment. Bitcoin fell below $29,000 amid macroeconomic uncertainty and anticipation of the Federal Reserve meeting. The market's reaction to upcoming economic data releases will likely dictate Bitcoin's short-term trajectory.