Bitcoin (BTC) markets are on edge as Jerome Powell heads to the Senate Banking Committee to address interest rates in face of persistent core inflation.
With traders waiting for decisive clarity, as rumors suggest interest rates could stay higher for longer, will Bitcoin sink-or-swim?
With Bitcoin currently trading at $22,380 (a daily change of -0.13%) – price action remains tightly controlled as markets await the first of Powell’s comments in Congress this week.
Now in its fourth day of consolidation at the steadfast $22,250 price level – BTC remains undecided following a week-long 11.5% retracement pattern.
The downturn was triggered by ironclad resistance at the critical $25,000 price level – and took a turn for the worst as fears swept through the market last Friday following Silvergate’s decision to suspend operations of the crypto-critical SEN payment network.
Bitcoin (BTC) Price Analysis
Tumbling down from $25,000 has worried some traders, with price levels dropping below the critical support of the 20 Day MA – which now threatens to form a capstone of local resistance suppressing upside movements.
Bitcoin’s MACD reflects this concern, indicating bearish divergence at -226.55. On the other hand, the RSI for BTC has cooled off to a calm 43 – a small sign of life in face of a bleak outlook.
As price levels now face an imminent collision with the lower support trend of the trading channel – decision day for Bitcoin could be upon us.
A breakdown here would leave Bitcoin with a bearish rounded top technical structure.
JUST IN: US lawmakers to reintroduce #Bitcoin tax reform bill exempting miners and developers from being treated as brokers
— Bitcoin Magazine (@BitcoinMagazine) March 7, 2023
Rumour that legislators in the US Congress might be reintroducing an amendment, that will exempt Bitcoin miners and developers from being treated as brokers by tax authorities, could provide a source of much needed bullish fundamental news.
However, on-chain sentiment continues to paint a worsening image, as BTC continues to move onto exchanges in droves ahead of this week’s highly anticipated US unemployment figures (released Friday) and Powell’s comments in Congress.
Inflows of Bitcoin onto exchanges are typically a sign that holders are about to sell, and this is illustrated by Exchange Net Position Change below.
A potential sell-off is a cause of great concern for the entire industry this week.
On Friday the first release of reclaimed Mt Gox Bitcoin will hit the markets, with creditors at a loss for more than half a decade set to receive 142,000 once-stolen BTC – which is now worth $3.18 billion.
What could hurt you in March
– Regulators / Binance fud
– Silvergate / stablecoin FUD
– MT gox claims soon
– ETH shanghai soon
– Powell speaks twice next week
– March 14th CPI
– March 22nd FOMC
Enjoy trading this
— RunnerXBT (@RunnerXBT) March 3, 2023
With so much fear and uncertainty engulfing markets – Bitcoin price action remains undecided – and traders are reluctant to take position as shown by falling open interest levels.
Bitcoin Price Prediction
On the short time frame (STF), Bitcoin is still targeting $24,000 (+7.25%) – a move that would leave BTC astride the 20 Day MA – poised and ready for another test at $25,000.
Downside risk would likely see an initial tumble down to the nearest lower support level: $22,500 (-8.38%).
This leaves Bitcoin (BTC) with an unattractive Risk: Reward ratio of 0.87 – a bad entry characterized by significant downside risk.
With such a perilous technical structure – and Bitcoin at risk of forming a rounded top – leave this trade to the experts and await clarity with the market.
In the meanwhile, here are two lucrative plays that could offer an easier 10x potential than Bitcoin this year.
Fight Out (FGHT)
With the move-2-earn narrative firmly back in market view following STEPN’s short-lived recovery rally, many investors are looking to find better M2E trades with top-tier upside potential.
One solid contender garnering significant attention on crypto Twitter is Fight Out (FGHT), which has been named our overall best crypto presale.
Another day, another milestone!
Less than 4 weeks left to secure your spot and claim your BONUS ⏰
Join the #FightOut presale now!
https://t.co/9pikKGRjSd#Crypto #Presale #Blockchain pic.twitter.com/sNn5krZgIu
— Fight Out (@FightOut_) March 6, 2023
Positioning itself as a more advanced and better-developed STEPN, this new P2E and M2E dApp aims to take you on a journey to becoming your ultimate fighter self.
STEPN struggled due to one-dimensional pedometers which measured only step count and an overpriced ecosystem that forced players into heavy NFT transactions to unlock any real return.
Fight Out aims to achieve success by providing a sophisticated and versatile application that can gauge and incentivize various types of physical activity, ranging from boxing workouts to late-night weightlifting sessions at the gym.
All of this is based around a soulbound avatar (think of this like a STEPN sneaker but that can’t be bought or resold), custom designed by the player and which embodies the user’s fitness journey.
As you train and work out, this is recorded and levels up your soulbound avatar’s stats in real-time – while also earning you in-game $REPS tokens.
These $REPS tokens are redeemable for network native $FGHT, which can be cashed out, spent in the NFT marketplace, or put up for grabs in high-stakes PVP community competitions that pit users against each other to see who can train hardest that week.
What’s more? Big names in the fighting world are coming out to support the ambitious Web3 venture, with UFC fighters Amanda Ribas and Taila Santos already onboarded as ambassadors.
More UFC ambassadors will be announced in March.
And this isn’t limited to the world of MMA, as world champion boxer Savannah Marshall joins the project to lead ambassador challenges and contests.
To make the most of the Fight Out presale you will need to act quickly, with more than $5.2 million raised and investors getting the chance to earn up to 67% in bonus tokens.
The Fight Out team also recently announced the launch of a lucrative referral promo link program, giving users the ability to receive a 5% USDT commission for signing up their friends.
All users must do is go to the Fight Out homepage, connect a valid crypto wallet, and then click the 5% referral link button.
At this point, a unique referral link will be generated to earn commission, which is then shared with friends and family or posted to social media.
This means every time someone buys the $FGHT token – you receive 5% USDT of the purchase amount.
C+Charge ($CCHG) is a new cryptocurrency offering that’s shaking up the carbon credit industry and will incentivize electric vehicle (EV) ownership.
This innovative start-up aims to take advantage of projected $2.4 trillion growth in the industry by 2027 – and you don’t have to look far to see its relevance.
Hurry up, there are only less than 24 hours left for the $CCHG presale Stage 5!⏰
Be an early adopter and secure your spot before the price increases. Join us now and be a part of the future! https://t.co/ixe18bPqzI#Presale #CCHG #ReFi #Cryptocurrency pic.twitter.com/hEqvntO6QF
— C+Charge (@C_Charge_Token) March 7, 2023
Up and down the roads, EV charging stations are popping up for fleets of gleaming Teslas and other EVs – C+Charge is proposing a chance for everyday people to claim a slice of the pie.
The company offers a Peer-2-Peer (P2P) payment system for EV charging using blockchain technology.
With this system, EV drivers can also earn carbon credits as a reward for recharging and profit from the industry’s growth.
Currently, only big EV manufacturers like Tesla are taking advantage of carbon credits – which are permits that offset a holder’s carbon footprint.
C+Charge is one of the best new cryptos to invest in and aims to level the playing field and put these rewards in the hands of EV owners and investors are excited with more than $2m raised in the presale so far.
The presale of the CCHG token is already underway, giving early investors a chance to get in on the ground floor of this eco-friendly project. Presale Stage 5 runs out in less than 24 hours.
Hey C+Charge Crew!
BIG ANNOUNCEMENT – We are going LIVE on @BitmartExchange soon
Join our community now and don't miss out on all news about our first #exchange #listing!https://t.co/ixe18bPqzI pic.twitter.com/OtXf9b4eZf
— C+Charge (@C_Charge_Token) March 6, 2023
There is also a $50k giveaway for early bird investors.
Join the C+Charge revolution today and be a part of a project that’s making a difference for the environment.
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