Bitcoin price falls to a multi-month low, but data points to a possible short-term bounce
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March started off on a low due to a
Technically, the BTC/USD broke below February lows of $21,400, triggering wider sell-off toward the $20,650 support level. The pair can slip back into a bear trend toward 2022 lows if this support breaks. Consecutive daily closes below this level will be a strong bearish sign.
The compilation of negative news over a bearish macroeconomic setting has led to an increase in market volatility, which could likely fuel a short-term upside bounce. However, the market’s reaction to the CPI print and Fed’s policy rate decision in during March remain crucial to momentum traders.
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