Bitcoin (BTC) raised volatility to its weekly close on March 13 as markets braced for geopolitical and macroeconomic cues.
Launching from data from Cointelegraph Markets Pro and TradingView Monday (14/03) it follows BTC/USD as it returns to near testing the $38,000 support during Sunday. Both have seen a quiet end to the week on Wall Street. The weekend proved to be as calm as the status quo both inside and outside crypto continued without any surprises.
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Now, attention is already focused beyond Sunday's close, particularly on the forthcoming decision on interest rates from the United States Federal Reserve. Since March 16, the expected rate hike could provide temporary volatility and even a more durable trend change for riskier assets, depending on their size.
The situation between Russia and Ukraine remains the main focus amid vague signs that a consensus between negotiators could come sooner rather than later. To monitor resource material indicators, Bitcoin charts show spot prices between the 50-week and 100-week moving averages (WMA) prior to the Fed's decision.
"BTC prices continue to hover between 50 & 100 WMA," the data said.
"Expect typical volatility around the weekly close. Markets are scared about Putin and waiting for the Fed Funds Rate announcement . Both are catalysts for whatever outcome the charts show."
Popular crypto trader and analyst Ed, meanwhile, described the weekend's action as slow amid no significant retest of support or resistance, while fellow analyst Matthew Hyland likened Bitcoin's behavior to watching paint dry.
The Russian stock market has remained closed throughout the week and is set to see no equity trading until at least March 18. A major pullback cannot be ruled out, analysts said. However, after the call for a more substantial BTC/USD retracement , advice came through for a potential opportunity to buy the downside.
According to trading suite DecenTraderurva, Bitcoin's 200WMA and logarithmic growth, just above $20,000 and $30,000, respectively, could form potential macro support levels should such an event occur. In its latest market update released Friday, the company argues that such a scenario cannot be ruled out.
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“Such an accident could take Bitcoin down to the bottom of the logarithmic growth curve, which has continued to climb and is now above $30,000 for the first time. Beyond that lies the 200WMA, which also went up and is now at $20,500,” he said.
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