{"id":172265,"date":"2023-03-12T01:26:38","date_gmt":"2023-03-12T01:26:38","guid":{"rendered":"https:\/\/precoinnews.com\/?p=172265"},"modified":"2023-03-12T01:26:38","modified_gmt":"2023-03-12T01:26:38","slug":"bitcoin-price-outlook-for-march-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-price-outlook-for-march-market-updates-bitcoin-news\/","title":{"rendered":"Bitcoin Price Outlook for March – Market Updates Bitcoin News"},"content":{"rendered":"
There are only ten days into March, and volatility in the crypto markets has heightened, with both bitcoin and ethereum falling to two-month lows. A collapse in Silvergate Bank was one of the major catalysts leading to this month’s bearish sentiment, which now sees bitcoin trading under $20,000. With over three weeks remaining in March, what could be next?<\/strong><\/p>\n Non-farm payrolls in the U.S. were released earlier today, coming in at 311,000, better than the 205,000 expected, however, this has been of little consequence, unlike in previous months.<\/p>\n This is due to the collapse of two banks, firstly Silvergate, and later Silicon Valley Bank, which have both moved to cease operations.<\/p>\n The fallout of this, in particular crypto-lender Silvergate, has spooked markets in recent days, after failing to provide its annual report to the Securities and Exchange Commission (SEC).<\/p>\n In addition to this, Federal Reserve chair Jerome Powell hinted that interest rates could be raised higher than initially expected, as the battle with inflation continues.<\/p>\n All of these factors have contributed to this month’s red wave, which has been mostly present in the first few days of March.<\/p>\n Earlier in today’s session, BTC\/USD fell to a low of $19,628.25, which is its weakest point since January 13.<\/p>\n The move came following a breakout of a key price floor at $20,300, and bulls have attempted to move the price back toward this level.<\/p>\n In the grander scheme of things, the sell-off means that BTC is now severely oversold, with its 14-day relative strength index (RSI) tracking at 27.22.<\/p>\n This is the weakest reading for the index since November, and in the long-term is a positive for bulls, as it signals that a bottom is close, if not already hit.<\/p>\n Should this be the case, bitcoin could gradually rebound in the upcoming weeks, following a spell of consolidation, which could come following the upcoming Fed rate decision.<\/p>\n Register your email here to get weekly price analysis updates sent to your inbox:<\/span><\/i><\/span><\/i><\/p>\nCurrent Market Status<\/h2>\n
March Outlook<\/h2>\n