- Cryptocurrency has experienced a slump in the last few weeks after the leading cryptocurrency, Bitcoin, recorded massive liquidations.
- Now, cryptocurrency traders are eagerly awaiting a handful of key events that could potentially bring the price of Bitcoin up.
The market has been taking a turn for the worse in the past few weeks, with leading crypto assets like Bitcoin and Ethereum losing their previously gained momentum in February. As March kicks off, the expectations for Bitcoin and other leading altcoins only increase.
Investors in the cryptocurrency space are now keeping a close watch on some big events that could potentially push the price of Bitcoin, the leading crypto by market cap, to new levels.
1. Monetary policy testimony
The market is keenly anticipating the semi-annual monetary policy testimony of Jerome Powell, the current Chairman of the U.S. Federal Reserve. This testimony is scheduled to take place on the 7th and 8th of March to the House of Representatives Financial Committees and the Senate.
This is of particular interest to crypto investors as they are eager to learn whether the Federal Reserve will increase the interest rates following hints from key players that a 50 bps hike could still happen.
2. China CPI inflation data
China’s CPI inflation data is also going to be released on the 9th of March. This follows the surge in the country’s inflation rate which rose to 2.1% in January from the 1.8% levels recorded in December 2022.
3. interest rate
The Bank of Japan is expected to make its interest rate decisions public on the 10th of March. Additionally, the U.S. Bureau of Labor Statistics is also going to put out the long-awaited jobs data.
Bitcoin Trading Sideways After Last Week’s Slump
Bitcoin has been trading sideways ever since it lost its momentum in the previous weeks following a mild bearish attack. Traders are evidently uncertain of their next move, which is why Bitcoin and other assets like Ethereum, are trading in a different direction.
Negative sentiments from investors built up from last week, causing Bitcoin and Ethereum to take a major hit. The market recorded a huge selloff on Friday — the first of its kind in March. This resulted in a $250 million liquidation after the market dipped by more than 5% in less than an hour.
The aftermath of the liquidations seemed to have an effect on the apex cryptocurrency, which had previously achieved a high of $23,540. Hopes for the Bitcoin bulls to build enough momentum to send the asset above $24,000 were high, although most analysts were modest in their predictions.
At press time, Bitcoin is managing to make a slight recovery in the last 24 hours. Losses from the last 7 days are still up by 4.19%, and Bitcoin’s price sits at $22,415.
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