With Bitcoin price stuck near $22,300 since the massive liquidation on Friday, traders face difficulty deciding their next move amid the U.S. regulatory crackdown on crypto. Other cryptocurrencies, including Ethereum, are trading without any significant direction.
BTC price fell 0.27% in the last 24 hours, with the price currently trading at $22,372. The 24-hour low and high are $22,331 and $22,497, respectively. Furthermore, the trading volume is up 2% in the last 24 hours, indicating a lack of interest among traders
Meanwhile, global traditional markets are strong and surging higher as oil prices and 10-year treasury yields continue to fall. In fact, the crypto market and the U.S. stock market correlation are also weakening. U.S. futures linked to major stock indices Dow Jones Industrial Average, S&P 500, and Nasdaq Composite are currently green.
The U.S. Dollar Index (DXY) has also fallen below 104.50, but the crypto market hasn’t responded. A further decline in DXY can bring recovery into the crypto market.
The macro events haven’t impacted the Bitcoin price in the last 3-4 days, but traders await key events that can further push prices downwards.
On March 7 and 8, U.S federal reserve Chair Jerome Powell will deliver semi-annual monetary policy testimony before the Senate and House of Representatives Financial Committees. Investors await this key event for further guidance on the Fed rate hike plans. Several Fed officials have hinted that a 50 bps hike is still on the table for the rate hike decision on March 22.
On March 9, China will announce the CPI inflation data. The inflation rose to 2.1% in January from 1.8% in December. Meanwhile, the Chinese government sets its 2023 GDP growth target at around 5%, lower than last year’s target of 5.5%.
On March 10, the Bank of Japan will announce its interest rate decision. Also, the U.S. Bureau of Labor Statistics will release the jobs data. The market expectation for February non-farm payrolls is 200K, previously it came much higher at 517K. Moreover, the February unemployment rate is expected at 3.4%, it fell to 3.3% in January against market forecasts of 3.6%.