Analysts Announced Their Predictions for the FED Meeting to be held on March 22: What Will It Bring For Bitcoin?

Digital asset trading company QCP Capital bitcoin and evaluated for cryptocurrencies.

Analysts at QCP Capital say the past week has been quiet in terms of macro data releases and the next major economic data release will be ADP jobs data on March 8 next week.

That said, they note that the Fed speeches have been particularly interesting lately, with FED speakers continuing to talk about higher levels for longer, and some even hinting at the difficulty of achieving a soft landing.

Critical Date for Bitcoin and Cryptocurrencies: March 22

According to analysts at QCP Capital, this month’s March 22 FOMC will set the stage for the rest of the year, as market participants will be able to learn where the Fed sees its final interest rate in 2023 and whether it sees a cut in 2024.

Regarding recent market trends, analysts at QCP Capital state that dollar weakness earlier this week is due to Chinese manufacturing PMI coming in at 52.6. However, the Chinese re-marketing rhetoric has reawakened, but they remain cautious. They expect DXY to rise and risk assets to come under pressure over the long term.

Despite these concerns, analysts at QCP Capital say that although the S&P 500 dropped below the 4000 level last week and are now looking to test the 3900 level, He states that the world’s largest crypto currency continues to hold up extremely well, with Bitcoin staying above the 23,000 level.

However, if stocks continue to fall and DXY and yields continue to rise, cryptocurrency They warn that prices may struggle to sustain these levels.

*Not investment advice.