Macro diary – Bitcoin (BTC) price fails to reattack $23,000. Either the bulls or the bears could feed on some macro talk and data this week, to find enough strength to break the current status quo.
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This week’s key events for Bitcoin price
The price of Bitcoin is touching an intraday high and low of $22,586 and $22,315 respectively on Bitfinex today, March 6, 2023. The cryptocurrency is trading at $22,425 at the time of writing this article. The markets are currently entitled to a doji.
Bitcoin price remains stuck at levels near $22,000, as a return of volatility on the markets is to be considered this week, in view of the key events that will take place in the coming days.
The Twitter account tedtalksmacro has in particular evoked THE remarks by the chairman of the US Federal Reserve (EDF), Jerome Powellthis Wednesday and Thursday, as well as the release of data on nonfarm payrolls in the United States, and the press conference of the Bank of Japan.
Inflation and rising rates for bullish recovery or further falls
Depending on the words of Jerome Powell and other macro data in the United States, the price of Bitcoin could rebound or register further declines, as investors’ expectations change about the magnitude of the next increase in the federal funds rate.
Currently, data from CME FedWatch Tool show that the probability of a 25 basis point rise in these rates is 69.4%against 30.6% for an increase of 50 basis points.
The analyst venturefounder also spoke about the macroeconomic context and its impact on the price of Bitcoin for this month. He has noted that “March could be a bad month for risky assets, including BTC,” in view of “hot upcoming numbers” on the Consumer Price Index, and with the upcoming FOMC meeting.
$25,000 seems like a long way off for Bitcoin price, at the moment. The bulls are failing to regain control after the cryptocurrency’s price rebounded to around $22,000 amid concerns over problems with Silvergate Bank.
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