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Cryptocurrency News Articles

Bitcoin (BTC) Price Analysis for March 9: BTC Exhibits Strong Momentum Going into Resistance, Eyes Fresh All-Time Highs

Jan 31, 2025 at 04:01 am

The MACD exhibits strong momentum going into this resistance again. It is worth noting that the price remains quite stretched above the 200-day exponential moving average (EMA).

Bitcoin (BTC) Price Analysis for March 9: BTC Exhibits Strong Momentum Going into Resistance, Eyes Fresh All-Time Highs

The MACD indicator shows strong momentum as BTC approaches this resistance level once more. It is important to observe that the price remains extended significantly above the 200-day exponential moving average (EMA).

However, at the time BTC hit its March 2024 peak and began its descent, the distance between the price and the 200-day EMA was nearly 71%. Currently, that distance is much lower at around 29%.

Based on this metric, it is still too early to conclude that the rally is overextended. Meanwhile, the combination of a bull flag pattern in play and increasing momentum in the MACD are also positive signs that BTC could soon move to fresh all-time highs.

FOMC Meeting Provided a Fair Degree of Certainty About the Future Path

The markets reacted positively today to a quarter-on-quarter gross domestic product (GDP) print that came in significantly lower than the consensus estimate.

The Bureau of Economic Analysis reported that the United States GDP expanded by 2.4% during the last quarter of the year, while analysts had forecasted a 2.7% increase.

This 30bps gap could lead the Federal Reserve to reconsider its monetary policy decisions in the next quarter, as economic activity seems to be slowing down.

In its statement on Wednesday, The Federal Open Market Committee (FOMC) said that inflation in the United States remains “moderately high.”

They also highlighted that “the risks to achieving its employment and inflation goals are roughly in balance.”

Typically, in central banker jargon, this translates to remaining cautious and possibly hesitant to cut interest rates further for the time being, until they are assured that inflation will not spiral out of control.

However, a lower-than-expected GDP print could make them reconsider. For now, the Fed’s decision to keep rates unchanged provided the market with a fair degree of certainty about the future path.

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Other articles published on Jan 31, 2025