{"id":18575,"date":"2023-03-10T21:19:17","date_gmt":"2023-03-10T21:19:17","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-price-outlook-for-march-market-updates-bitcoin-news\/"},"modified":"2023-03-10T21:19:17","modified_gmt":"2023-03-10T21:19:17","slug":"bitcoin-price-outlook-for-march-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-price-outlook-for-march-market-updates-bitcoin-news\/","title":{"rendered":"Bitcoin Price Outlook for March \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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\u2019s 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<\/a>, and later Silicon Valley Bank<\/a>, 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<\/a> 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\u2019s red wave, which has been mostly present in the first few days of March.<\/p>\n

Earlier in today\u2019s session, BTC<\/a>\/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<\/a> 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><\/i><\/p>\n

Where will bitcoin end the month? Let us know your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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