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Bitcoin (BTC) News Today: Fed Chair Powell’s Remarks Impact BTC Trading

By:
Bob Mason
Updated: Mar 30, 2024, 03:40 GMT+00:00

Key Points:

  • Bitcoin (BTC) declined by 1.07% on Friday, ending the session at $70,034.
  • Uncertainty about an H1 2024 Fed rate cut overshadowed BTC-spot ETF market flow data for March 28.
  • On Saturday, SEC-related news and crypto-spot ETF-related chatter need investor consideration.
Bitcoin (BTC) News Today

In this article:

BTC-Spot ETF Market Sees Four-Day Net Inflow Streak

On Friday (March 29), BTC declined by 1.07%. Partially reversing a 1.81% gain from Thursday, BTC ended the session at $70,034.

BTC-spot ETF market data for Thursday, March 28, drove buyer demand for BTC early in the session. On March 28, the BTC-spot ETF market saw net inflows of $183.0 million. Net inflows were down from $243 million on March 27. Considering contributions from the Ten,

  • iShares Bitcoin Trust (IBIT) saw net inflows of $95.1 million, down from $323.8 million on March 27.
  • Fidelity Wise Origin Bitcoin Fund (FBTC) had net inflows of $68.1 million, up from a record low net inflows of $1.5 million on March 27.
  • Bitwise Bitcoin ETF (BITB) also contributed, with net inflows of $67.1 million.
  • Grayscale Bitcoin Trust (GBTC) saw net outflows of $104.9 million, the lowest since March 12.
  • The newly launched Hashdex Bitcoin ETF ended the session net even for the third consecutive day.

There was no ETF trading on Friday, March 29, with the US markets closed for the Good Friday holiday.

US Inflation and Fed Chair Powell Trigger BTC Pullback

US economic indicators impacted buyer demand for BTC on Friday. The Core PCE Price Index increased by 2.8% year-on-year in February after rising by 2.9% in January. Economists forecast the Index to increase by 2.8%.

Sticky inflation numbers could test investor bets on an H1 2024 Fed rate cut. Fed Chair Powell pressured the appetite for riskier assets later in the session. The Fed Chair stated there is no need for the Fed to rush interest rate cuts. BTC slid to a Friday low of $69,114 before retaking the $70,000 handle.

Fed Chair Powell Impact on BTC
BTC 30 Minute Chart 300324

Technical Analysis

Bitcoin Analysis

BTC hovered comfortably above the 50-day and 200-day EMAs, sending bullish price signals.

A move through the morning high of $70,093 could give the bulls a run at the March 14 ATH of $73,808. However, BTC must break down resistance at the current week high of $71,819.

On Saturday, SEC-related activity and BTC-spot ETF market-related news need investor consideration.

Conversely, a break below the $69,000 support level could give the bears a run at the $64,000 support level.

With a 14-Daily RSI reading of 58.10, BTC could return to its ATH of $73,808 before entering overbought territory.

BTC Daily Chart sends bullish price signals.
BTCUSD 300324 Daily Chart

Ethereum Analysis

ETH held above the 50-day and 200-day EMAs, sending bullish price signals.

A break above the current week high of $3,678 could signal a move to the $3,835 resistance level. An ETH return to the $3,835 resistance level could give the bulls a run at the $4,000 handle.

Investors should consider ETH-spot ETF market-related news.

Conversely, an ETH fall through the $3,480 support level could signal a drop to the 50-day EMA. A break below the 50-day EMA could give the bears a run at the $3,244 support level.

The 14-period Daily RSI reading of 50.65 suggests an ETH return to the $4,000 level before entering overbought territory.

ETH Daily Chart sends bullish price signals.
ETHUSD 300324 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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