- After the leading cryptocurrency slumped last week after the market recorded massive liquidations accords the market, Bitcoin still trades below $23,000.
- Cryptocurrency investors are hopeful that key events scheduled to kick off in the near term, could favor the price of Bitcoin in the long run.
The cryptocurrency market has recorded losses in the last few weeks, with leading assets like Bitcoin and Ethereum shedding massive gains in February especially. As the March kicks off, the anticipated prices for Bitcoin and other leading altcoin are becoming even higher.
The market is keeping an eye out for a handful of big events. These events, according to some, have the capacity to push the price of Bitcoin, the leading crypto by market cap, to new price points.
1. Monetary policy testimony
The market is anticipating the semi-annual monetary policy testimony that will be made by Jerome Powell, the current Chairman of the U.S. Federal Reserve on the 7th and 8th of March. Powell will make this policy testimony to the House of Representatives Financial Committees and the Senate.
This is especially important to crypto investors who are looking forward to whether or not the Feds will in fact increase the interest rates, following hints from key players that a 50 bps hike could still happen.
2. China CPI inflation data
China’s CPI inflation data is also expected to be announced right after, on the 9th of March. This is coming after inflation in the country surged by 2.1% in January, from the 1.8% levels recorded in December 2022.
3. interest rate
Another event that the market is keeping an eye out for will take place on the 10th of March. Interest rate decisions are expected to be made public by the Bank of Japan. Additionally, the U.S. Bureau of Labor Statistics is also going to put out the long-awaited jobs data.
Bitcoin still trades below $23,000
Bitcoin has been trading sideways ever since the asset lost momentum in the previous weeks, after what seemed like a mild attack from the bears. It seems like traders are uncertain of their next move, and are becoming even more cautious of where the asset could be headed next. As such, Bitcoin and other assets like Ethereum, are trading in an entirely different direction.
Negative sentiments from traders built up from last week, causing Bitcoin and Ethereum to take a major piece hit. The market recorded a significant selloff on Friday; the first of its kind in March.
There was a $250 million loss in liquidations after the market dipped by more than 5% in less than an hour. The effects of the massive liquidations reflected the price of the apex cryptocurrency, which had previously hit a high of $23,540.
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Expectations for Bitcoin bulls to build enough momentum to send the asset above $24,000 were high, although most analysts were modest in their predictions.
At press time, Bitcoin is clearing up losses with a mild bounce back in the last 24 hours. Losses from the last 7 days are still up by 4.19%, and Bitcoin’s price sits at $22,415.
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