Bitcoin (BTC) is sinking low, fear is engulfing markets as Federal Reserve chairman Jerome Powell takes to Congress ahead of Friday’s highly anticipated US unemployment figures release.
Traders are concerned that January’s strong economic performance could have been a fluke, and that stubbornly high core inflation could keep interest rates ‘higher for longer’.
Indeed, in just a few weeks the Federal Reserve is now anticipated to hike rates higher than previously expected – an originally expected 0.25% increase could materialize as 0.50%.
And this comes amid growing concern in crypto markets about the demise of crypto-friendly Silvergate bank, Mt. Gox releasing 144,000 BTC, and growing pressure on the industry from the SEC.
With BTC sat on the edge so far this week, Bitcoin looks to have decided to sink not swim.
But all might not be lost, as US lawmakers are reintroducing an amendment that will exempt BTC miners and developers from classification as ‘brokers’.
₿: Watch Senator @CynthiaMLummis defend #bitcoin mining energy use in Congressional hearing todaypic.twitter.com/hk8SNwRc1r
— Documenting ₿itcoin (@DocumentingBTC) March 7, 2023
Bitcoin (BTC) Price Analysis
Bitcoin continues to sink low as it grinds down to the current trading price of $22,013 (a 24-hour change of -0.85%).
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.
With fear engulfing markets as macro-sentiment seems set to turn ugly, $22,000 threatens to be the last foothold of the New Year’s rally.
Indeed, after 16 days of bleed-out price action – BTC is now down -13.4% from its local high.
Technical structure is beginning to bend, with a bearish pendant forming on the charts.
And worse still, a deadly rounded top pattern forming could spell a complete breakdown for the leading crypto asset.
The RSI continues to cool, providing mild reassurance with a bearish divergence at 40.
However, the MACD continues to signal bearish red flags at -237.
This is reflective of the fall below Bitcoin’s 20-Day MA – which is now acting as a local ceiling suppressing upside price action.
Bitcoin Price Prediction: How High Could BTC Go?
On-chain signals add to Bitcoin’s misery – with exchanges now witnessing their 21st day of net BTC inflow.
Net Exchange Position Change indicates that rally fatigue could be taking hold, as it appears STF traders are moving for a sell-off.
Open Interest curiously has pipped up since Powell’s clarifying message to the Senate Banking Committee on Tuesday morning.
With more cash moving onto the table, this could be an indication that a big move is coming.
This justifies a glance at Bitcoin’s Long Short Ratio – which shows that traders are leaning bullish in their expectations ahead of Friday.
A move to the upside could see Bitcoin reclaim poised position atop the 20 Day MA – at $24,000 (+8.7%) this would prime structure for another test at $25,000.
If Friday turns sour, all is not lost as downside risk sits close-by at the next lower support level of $20,500 (-7.16).
Overall this gives Bitcoin (BTC) a Risk: Reward ratio of 1.21 – an improved entry since yesterday as traders find clarity in Powell’s messaging.
But with bleak technical structure as a rounded top forms, and Bitcoin’s on-chain data highlighting a potential sell-off – this is a high-risk entry.
For investors with a lower risk tolerance, it could be better to seek more lucrative profits outside of BTC price action.
One of the best ways to make money in crypto in 2023 is through presales – here are B2C analysts picks for the best crypto presales of March 2023.
Love Hate Inu (LHINU): The Next Big Memecoin With Utility?
Love Hate Inu (LHINU) is a new crypto project that combines meme coin virality with a Vote-to-Earn system.
Interest is ripping through the market as Love Hate Inu kicked off its presale on Tuesday – and has since raised more than $100,000 in less than 24 hours.
The project enables users to express their opinions on controversial figures like Donald Trump, Andrew Tate, and Elon Musk and other topics – all while earning rewards.
LHINU it is set to transform the $3.2 billion survey industry by offering sponsored polls with rewards such as NFT discount codes and NFTs backed by physical assets.
The LHINU ecosystem has a real-time vote staking mechanism that requires a minimum of 30 days of staking $LHINU to prevent spam and manipulation of the voting process.
The ongoing presale is divided into eight stages, and investors are urged to take advantage of the current presale price of $0.000085 to load up their stacks before the next stage increases the price.
The $LHINU presale is live!
Join the #presale and use #USDT to become a part of the funniest #memecoin project of the year!
https://t.co/Pu2Bo8WOUy#crypto #votetoearn #nftcommunity pic.twitter.com/y6u2aRd1M5
— LoveHateInu (@LoveHateInu) March 8, 2023
By the eighth and final presale stage, LHINU will cost $0.000145, a 70.5% increase.
LHINU is expected to go viral on social media, following in the footsteps of moonshot meme coins like Dogecoin, Shiba Inu, Floki, and Tamadoge.
Don’t miss out on this opportunity to profit on the next big utility meme coin.
Fight Out (FGHT): Revamping The Move-2-Earn Space
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 among our best crypto presales.
Things are heating up as we get closer to the end of our #Presale ⏰
Don't miss your chance to get in early and claim your BONUS with $FGHT!
Join the #FightOut presale now ⚡️
https://t.co/9pikKGRjSd#Blockchain #Web3 #Crypto #P2E #P2EGame pic.twitter.com/GodcGbo2V4
— Fight Out (@FightOut_) March 8, 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 $5.3 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.
- Crypto Has a $3.18 Billion Problem to Contend With on Friday and it Could Get Ugly
- Bitcoin Price Prediction 2023 – 2040
- Metaverse is a Billions of Dollars Opportunity And This Crypto Gaming Platform is the Next Big Thing
Love Hate Inu - Next Big Meme Coin
- First Web3 Vote to Earn Platform
- Vote on Current Topics and Earn $LHINU Tokens
- Secure, Reliable and Anonymous Voting
- Rug Pull Proof - 90% of Tokens Available in Presale
- Accumulate Voting Power by Staking $LHINU Tokens
Discuss This Article
Add a New Comment /Reply
Thanks for adding to the conversation!
Our comments are moderated. Your comment may not appear immediately.