Bitcoin continues to be on a downward trend, bringing down the prices of other cryptocurrencies alongside. For now, it is largely believed that BTC lacks the momentum for a breakout spell. All eyes now rest on the upcoming US FOMC meeting, which could push BTC and other coins. However, having said that, a rate cut might not be a possibility this time arround, however a positive stance from the US Fed might lend some much-needed impetus to crypto’s grand old coin.
Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future.
This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their research before taking any calls.
Crypto Prices Over The Past Week
Last Monday (March 10), the overall crypto market cap stood at $3.23 trillion. BTC price stood at around $85,000. ETH price stood at around $2,100.
A week later, the overall market cap dipped to $2.72 trillion.
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DeFi’s total volume stands at $5.29 billion, at 7.83 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $63.42 billion, at 93.88 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Fear’ with 22 points (out of 100).
BTC dominance, at the time of writing, stood at 60.69 percent.
Over the past seven days, Bitcoin achieved a high of $85,113.26 (on March 14) and a low of $76,808.10 (March 11).
Ethereum, on the other hand, saw a high of $2,142.80 (March 10) and a low of $1,792.27 (March 11).
Crypto Events To Note
The broader cryptocurrency market is grappling with volatility as traders brace for the Federal Reserve’s upcoming decision on interest rates. With Bitcoin hovering near $83,000, a breakout above the key resistance could pave the way for further gains.
However, market sentiment has taken a hit, as reflected by the Crypto Fear and Greed Index dropping to 22, signaling heightened uncertainty. The correction from Bitcoin’s peak of $100,000 to its recent low of $77,000 has made investors cautious, though some believe this could be a temporary pullback rather than the start of a prolonged downtrend.
Other major cryptocurrencies, including Ethereum and Dogecoin, are also struggling, following Bitcoin’s lead.
Institutional investors continue to scale back their Bitcoin holdings, as BTC-spot ETFs recorded net outflows of $945 million last week. This marks the fifth consecutive week of sell-offs driven by concerns over potential tariffs under a Trump-led U.S. administration, recession risks, and ongoing regulatory scrutiny.
Despite these bearish signals, Bitcoin saw a 4.33% rebound, fueled by optimism around Senator Cynthia Lummis’s Bitcoin Act, which proposes that the U.S. government accumulate BTC. On the technical front, Bitcoin is currently trading below the 50-day exponential moving average (EMA) but remains above the 200-day EMA.
A decisive move past $86,263 could trigger a rally towards $90,000, while a dip below $80,000 could see Bitcoin testing March lows of $76,642.
What Crypto Traders Are Saying About Current Market Scenario
Alankar Saxena, co-founder and CTO, Mudrex, told ABP Live, “Bitcoin has been trading range-bound between $82,000 and $84,000 as investors remain cautious. Despite rebounding from last week’s low of $76,600, BTC lacks momentum for a decisive breakout. On the other hand, Bitcoin ETFs recorded net outflows for the fifth consecutive week, adding to selling pressure. The upcoming FOMC meeting could be a key catalyst for BTC’s next move. While a rate cut is unlikely, positive signals from the Fed, supported by strong macroeconomic data, could trigger a trend reversal in the market.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
