Bitcoin Price Outlook for March – Market Updates Bitcoin News
With just ten days to go until March, volatility in the crypto markets has increased, with both bitcoin and ethereum falling to two-month lows. A collapse at Silvergate Bank was one of the main catalysts leading to this month’s bearish sentiment, which now sees bitcoin trading below $20,000. With over three weeks left in March, what could be next?
Current market status
US non-farm payrolls were released earlier today, coming in at 311,000, better than the 205,000 expected, but this has had little impact, unlike previous months.
This is due to the collapse of two banks, first Silvergate, and later Silicon Valley Bank, both of which have moved to cease operations.
The fallout from this, particularly crypto lender Silvergate, has spooked the markets in recent days, after failing to file its annual report with the Securities and Exchange Commission (SEC).
In addition to this, Federal Reserve Chairman Jerome Powell hinted that interest rates may be raised higher than first expected, as the fight against inflation continues.
Outlook for March
All these factors have contributed to the month’s red wave, which has mostly been present in the first days of March.
Earlier in today’s session, BTC/USD fell to a low of $19,628.25, which is the weakest point since January 13.
The move came after a breakout of a key $20,300 floor and bulls have been trying to move the price back towards this level.
In the larger scheme of things, the selloff means that BTC is now seriously oversold, with its 14-day relative strength index (RSI) at 27.22.
This is the weakest reading for the index since November, and is long-term positive for bulls, as it signals that a bottom is near, if not already reached.
Should this be the case, bitcoin could gradually recover over the coming weeks, following a period of consolidation, which may come after the upcoming Fed rate decision.
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Where will bitcoin end the month? Let us know your thoughts in the comments section below.
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