This week, the United States is expected to release important economic data that typically has a significant impact on global financial markets. Specifically, the focus is on the February core personal consumption expenditures (PCE) price index, a key indicator of inflation that the Federal Reserve closely monitors. With Bitcoin (BTC)’s recent correction and expectations surrounding an upcoming halving, there are no better bets for crypto investors looking to see what the king of cryptocurrencies will do next. .
This week's major cryptographic key events
There is a high expectation (over 89%) that interest rates will be stable in the near term, a scenario that has historically had mixed effects for Bitcoin. In parallel, the Bitcoin network is congested and its difficulty level has reached an all-time high. This shows strong interest in mining activities even as the community prepares for the halving, when mining rewards will be cut in half.
The Core PCE Price Index is of particular interest to the cryptocurrency market as it provides insight into the inflation trends that influence the investment strategies of institutional investors, which has caused Bitcoin to reach new all-time highs this year.
In addition to all of this, other interesting events happening in the crypto industry this week include the sentencing of Sam Bankman Freed scheduled for March 28th. Prosecutors are seeking a harsh punishment of 40 to 50 years, but his family, supporters, and cellmates are insisting on the punishment. Generosity. But it all depends on Judge Lewis Kaplan, and only time will tell about his decision.
Next week will also see the unlocking of a series of important tokens that could further increase market volatility. Optimism and dYdX are leading the way, with Optimism's 24.16 million OP tokens and dYdX's 33.33 million tokens worth over $200 million.
Adding to the drama this week is the fate of Do Kwon, whose legal problems take a new turn after his release from a Montenegrin prison. Whether Kwon faces extradition to South Korea or the United States remains unresolved, and the crypto community is intrigued.
Bitcoin price trends?
Bitcoin is hovering around the 20-day EMA at around $65,364, indicating that neither the bulls nor the bears have definitive control. On the other hand, the RSI indicates that buying and selling pressures are balanced.
Bitcoin’s near-term trajectory could be between $60,700 and $69,000. A sustained move below the 20-day EMA could push the price towards the 50-day simple moving average support zone and risk a fall to the $54,000 Fibonacci level. However, a break above $69,000 could add bullish momentum and set the stage for a rally towards $80,000. At the time of writing, the value of Bitcoin was $67,099.
