Bitcoin's Crucial $81K Weekly Close
Bitcoin's price action this week is critical, particularly with the upcoming Federal Open Market Committee (FOMC) meeting. Analysts suggest a weekly close above $81,000 is necessary to prevent increased volatility. Last week saw BTC fall over 3%, trading above $83,748 at the time of writing.
FOMC Meeting and Macroeconomic Uncertainty
According to Ryan Lee, chief analyst at Bitget Research, growing macroeconomic uncertainty surrounding global trade tariffs is contributing to the risk of significant Bitcoin price downside. Lee emphasizes the importance of the $81,000 level as a key weekly close; staying above it signals strength, while falling below $76,000 might trigger further selling pressure.
The FOMC meeting on March 19th is anticipated to keep interest rates steady (98% probability according to CME Group’s FedWatch tool), but any unexpected hawkish moves could negatively impact Bitcoin and other risk assets. Even a dovish surprise might not guarantee immediate gains due to persistent macroeconomic uncertainties.
A More Optimistic Outlook: $85,000 Target
Not all analysts are bearish. Enmanuel Cardozo, market analyst at Brickken, suggests a weekly close above $85,000 could boost investor confidence and potentially lead to a significant upward trend. The $80,000 support and $85,000–$90,000 resistance levels are closely watched.
Trump's Bitcoin Reserve Bill
Further influencing the market is the proposed Bitcoin reserve bill introduced by US Representative Byron Donalds. If passed, this bill would make the Strategic Bitcoin Reserve and US Digital Asset Stockpile resistant to future administrative dismantling. With Republican Senate majority, this bill has a potential path to becoming law.
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