Bitcoin (BTC) is hitting fresh intraweek lows on March 19 — where could BTC price action end up?
This is the question for traders and analysts as downside momentum continues across crypto markets.
After successive new all-time highs, Bitcoin is testing the resilience of levels only recently reclaimed as support. So far, a reliable floor has not been found.
Market observers are thus outlining more fundamental lines in the sand, while also planning for a potential relief bounce.
Some argue that the United States Federal Reserve’s interest rates decision, due March 20, will be a decisive event that alleviates pressure on oversold crypto assets. The run-up to previous meetings of the Federal Open Market Committee (FOMC) has often seen risk-asset suppression in the past.
Cointelegraph takes a look at some popular bets when it comes to BTC/USD in the short term.
BTC price "key support" extends toward $50,000
In a repeat of the move which followed its first new all-time high earlier this month, Bitcoin is rapidly headed toward the $60,000 zone.
This is the critical point on traders’ radars, and one which has not received a convincing retest.
“I think we at least get a sweep of last weeks low,” popular trader George summarized on X (formerly Twitter).
“If that doesn't hold I think we see sub 60k again.”
Fellow trader Ali used realized price distribution (URPD) to show where the current set of unspent transaction outputs, or UTXOs, were created. This gives an insight into cost basis and areas of interest when it comes to support and resistance.
“Some of the key Bitcoin support levels to watch are $61,100, $56,685, and $51,530,” he explained, examining ground below $60,000.
“On the other hand, critical resistance points for $BTC stand at $66,990 and $72,880.”
Using Fibonacci retracement levels, meanwhile, analyst Mark Cullen highlighted a raft of support levels which could come into play.
A chart uploaded to X additionally flagged a “bullish order block” of bids sitting right at current spot price below $64,000.
“Looking at the high volume nodes & fib levels, where i think we could see the correction end up. It will also depend on how the FOMC meeting plays out tomorrow,” Cullen wrote in part of accompanying commentary.
FOMC seen as "local bottom for risk"
On the topic of FOMC, this continues to form the week’s main macro focus — not just for Bitcoin and altcoins, but for the broader risk-asset spectrum.
Related: FOMC meets halving ‘danger zone’ — 5 things to know in Bitcoin this week
“The lower we go now, the higher we are by the time Jerome stops speaking on Wednesday,” financial commentator Tedtalksmacro forecast.
Tedtalksmacro suggested that given the sticky nature of inflation, Fed Chair Jerome Powell would aim to strike a hawkish tone, resetting any premature market expectations of a rate cut.
“Good chance his speech is the local bottom for risk,” he concluded.
BTC/USD is currently volatile around $64,000, as confirmed by the latest data from Cointelegraph Markets Pro and TradingView.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.