{"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

Current Market Status<\/h2>\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

March Outlook<\/h2>\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>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

There are only ten days into March,<\/p>\n","protected":false},"author":3,"featured_media":172264,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBitcoin Price Outlook for March – Market Updates Bitcoin News - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/bitcoin-price-outlook-for-march-market-updates-bitcoin-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Outlook for March – Market Updates Bitcoin News - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"There are only ten days into March,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/bitcoin-price-outlook-for-march-market-updates-bitcoin-news\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-12T01:26:38+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/03\/Bitcoin-Price-Outlook-for-March-ndash-Market-Updates-Bitcoin-News.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-price-outlook-for-march-market-updates-bitcoin-news\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-price-outlook-for-march-market-updates-bitcoin-news\/\",\"name\":\"Bitcoin Price Outlook for March – Market Updates Bitcoin News - 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