Welcome to the US Morning Briefing - Today's Key Cryptocurrency Developments
Check out Bitcoin's future direction while having coffee. Ahead of the Fed's March FOMC meeting today, learn about the impact of global trade tensions on the cryptocurrency market, reasons for economic recession concerns, and what Washington and Wall Street are are doing behind the scenes. We We also have ETflows, mining risks, whale behavior, and charts that everyone is paying attention to.
FOMC, Trade Tensions, Bitcoin... Market Levels to Watch
Global markets are tense ahead of the FOMC meeting minutes release at 2 PM (ET) today. Traders will carefully watch for the possibility of a Q2 emergency rate cut, US tradeation, of condition easing.
Meanwhile, as the Russia-Ukraine war enters a new phase, reports of Chinese prisoners being captured have emerged intensifying geopolitical risks are raising concerns about broader conflict.
Against this background, Bitcoin continues to test critical support levels, with analysts analyzing technical signals to predict what will happen next.
BRN analyst Darren Choo shared an in-depth perspective on the current macro and cryptocurrency ecosystem in an exclusive interview with BeInCrypto US Morning Briefing:
"Risk assets are attempting a short-term rebound on Wednesday afternoon in Asia (before London opening) ahead of the FOMC scheduled for 2 PM EST today. Expectations are growing for positive developments with an emergency Fed rate cut and potential removal of tariffs and trade barriers from the Trump administration.
Meanwhile, US earnings announced this week are playing a secondary role compared to the global macro and geopolitical backdrop. The Russia-Ukraine conflict became more complex after the fact that Chinese prisoners were captured yesterday. This suggests the possibility of war expansion rather than hopes for a and ceasefire and peace treaty this year.
Returning to tariffs, China's countermeasures to US escalation have affected market sentiment. Expectations of war are growing as pressure to deincreases, which could lead lead other Asian export countries to weaken their currencies."
Regarding Bitcoin price movement, Choo emphasized important levels and potential scenarios after the FOMC:
"Immediately after the FOMC,, BTCUSD will approach the 38.2% Fibonacci retracement and a temporary support line roughly coinciding with the highs in March and June 2024 to provide relief to bullish traders from the large uptrend from December 2022 to January 2025.
Despite a potential short-term rebound that could start the next day or later, BTCUSD appears to be heading lower to thetrend trend line connecting the lows in October 2023, August 2024, and September 2024 (on the weekly chart).
A conservative scenario until year-end is for test BTCUSD to test the% 50%Tracement of the uptrend from late 2022 to early 2025 (roughly coinciding with the highs in April and November 2021)., probability of testing the 61.8% Fibonacci retracement just above psychological $50,2024 is low to medium."."dead cat bounce—a brief rebound in a larger downtrend—is becoming more likely.
Cat Refibonacci retracement, with prices temporarily risingeing to key levels (e.g., 38.2%, 50%, 61.8%) before continuing the downtrend."BTCUSD is now approaching the 61.8% Fibonacci retracement of the upexpansion from August to February and could slide to that that level within a day or two after the FOMC," Choo told BeInCrypto.
Today's Cryptocurrency Charts
The Bitcoin Spot ETF>F recorded its largest daily outflow since March 11 at (326 million dollars).
Today's Important News
– Goldman Sachs sees a 45% chance of a US recession in 2025 but is strengthening its Bitcoin investment. holds $1.5through.through ETFs p Analyst Ben Sigman says trade war tensions could promote Bitcoin's growth. Investors are turning to scarce, inflation-hedging assets outside the traditional financial system.
cryptocurrency whales arein panic, while others buy anticipating a rebound.– Analysts >. tensions are rising, and,acting $500 billion Bitcoin market.
– $326 million outflow from Bitcoin ETF occurred, the largest since March, driven by BlackRock's $252 million withdrawal and increased weak put option demand.
– Trump's new could threaten US Bitcoin mining domin.. As equipment costs rise, the US's 36% global hashrate share could decrease.
Cryptocurrency stocks plummeted. With Trump's 104% tariffs taking effect, $300 million in liquidation occurred, but the increase in Bitcoin long positions hints at hope for a rebound.
– The U.S. Department of Justice will discontinue user behavior investigations on cryptocurrency exchanges and wallets. This triggers debates about reduced supervision and the potential for illegal activities.
