Bitcoin Price Analysis For 03/14/2024 – Calm Before The Storm?

THELOGICALINDIAN - Bitcoin Price Key Highlights

Bitcoin amount is ashore in a ambit adjoin the dollar for now as traders are captivation out for this week’s top-tier events.

Technical Indicators Signals

The 100 SMA is beneath the longer-term 200 SMA so the aisle of atomic attrition is to the downside. This agency that the ambit attrition is added acceptable to authority than to break.

However, the gap amid the affective averages is absorption so an advancement crossover could booty place, signaling that beasts are about to booty over and advance for a breach accomplished the ambit resistance. If so, bitcoin amount could ascend by about $70 or the aforementioned acme as the range.

Stochastic is on the move down, though, which agency that sellers are on top of their bold and accept abundant activity to advance for added losses. RSI is additionally binding down, advertence that attendance of bearish pressure. A breach beneath the 100 SMA activating abutment or the antecedent lows at $1140 could be abundant to reflect affairs momentum.

Market Events

The capital accident for BTCUSD this anniversary ability be the FOMC decision, as the Fed is awful accepted to backpack absorption ante by 0.25% afterward the stronger than accepted NFP absolution aftermost Friday. Should the board adjudge adjoin this or adumbration that they can no best apparatus three hikes for the year, the dollar could accord up a lot of arena to bitcoin. On the added hand, bombastic their advancing angle by advance advance and aggrandizement forecasts could bank up dollar appeal and drive bitcoin amount losses.

There are several added axial banks set to advertise their action decisions this week, accouterment abeyant animation from added markets. For now, though, bitcoin is still addled from the SEC abnegation of the COIN ETF and traders are reevaluating their positions.

Charts from SimpleFX