BTC price keeps traders and analysts in the dark as macro week leads to dawn as Bitcoin network fundamentals keep moving towards new highs.
starts the new week with a boost in the air in bad weather.
Despite a 5% loss in one hour last week, Bitcoin’s future volatility is on every trader’s mind.
The question is whether that will change in the coming days.
There are many factors that could improve, from macroeconomic data to exchange pools and more, but who will emerge victorious – and in which direction they will send BTC’s price – remains to be seen.
Behind the scenes, it was business as usual for the Bitcoin network, with miners maintaining the new buoyancy and ready for new runs always in trouble.
Cointelegraph takes a look at these major market drivers and summarizes ideas on how they could shape BTC’s price action this week.
Bitcoin price stagnates after weekly close
While anything can and does happen in Bitcoin, the weekend was marked by just one word when it came to BTC price action – volatile.
After a lightning strike on March 3 due to a combination of Silvergate bank concerns and margin swap calls, BTC/USD was quiet.
Data from Cointelegraph Pro Market and TradingView confirmed the point, and the spot price has been moving between unfathomable ranges ever since.
However, the bulls failed to regain much of the lost ground, which led to Bitcoin ending the week down 5.1% on Bitstamp.
For Cointelegraph contributor Michael van de Pope, founder and CEO of eight trading companies, there is still reason to believe the market will soon draw a line under the current short-term conditions.
“Interesting Bitcoin price since correction but still working on support here,” he told Twitter followers on March 6.
“The numbers have already bounced back and seem to be continuing to do so.” He could do one more try and then pull out, lose $21.5k = tough time.”
Another post talks about a possible breakout of $23,000 if the bulls come back strong.
“I like to see how the price moves today, to be honest,” noted crypto trader Tony continued.
“I stayed until a few days ago with a stop loss of $23,200 to stay clean. I would like to see a move to $22,800 before any further damage.”
Client trading account Daan Crypto Trades noted that BTC/USD has already closed CME futures trading since the weekend.
$22,000 or $22,650 needs to be crossed for Bitcoin to form a “leading path,” he said.
For the Skev Resources trade, the weekly open at around $22,300 should act as a “pivot” for short-term price action.
“Perhaps this weekly opening price will trade as a 1D breakout of weekly demand ($19k) and HL with confirmation above $23k,” the tweet said on the daily chart.
“At this moment we are at the peak. (the next day’s weakness or strength will be a strong guide/guide).”
All eyes on Fed’s Powell as macro signals return
Economic conditions began to heat up in the coming days after a cold week, with Jerome Powell, the head of the US Federal Reserve, due for two rounds of testimony.
A key source of market volatility, Powell’s words to the House Financial Services Committee could turn the tide — at least briefly — based on his language on future economic policy.
In particular, interest rates are at stake, and the Fed’s next decision on raising interest rates is still two weeks away.
“Bitcoin Volatility Expectations to Rise Mid Next Week During Powell’s Testimony,” trader, analyst and investor Crypto Santa confirmed in part of his weekend Twitter posts.
The popular account Tedtalksmacro also labeled non-farm payrolls data and announcements and press conferences from the Bank of Japan over the weekend as conspiracies.