Bitcoin Holds Steady at $84,000 Ahead of Federal Reserve Decision
Bitcoin (BTC) is trading near its 200-day average of $84,000 as a notable whale exits its short position. Smaller altcoins like CAKE, TKX, OKB, and ATOM show positive performance, contributing to market optimism.
The SUI token's recent rise of 6% is tied to asset managers' ETF filings with the SEC, indicating increased institutional interest. However, some analysts suggest the end of the Bitcoin bull run due to ETF-led selling pressure, although data shows this pressure may be waning.
On Monday, U.S. spot bitcoin ETFs saw inflows of $275 million, following a $41 million influx on Friday. Analysts note that continued inflows could support BTC prices. The upcoming Fed rate decision is expected to introduce volatility, with BTC projected to trade between $80,000 and $86,000 post-FOMC.
Key economic data releases include:
- March 18: Canadian CPI data
- March 19: U.S. Federal Reserve interest rate decision
- March 19: Eurozone CPI final data
Token events of interest include:
- March 20: Pascal hard fork on BNB Smart Chain
- March 21: SEC roundtable on cryptocurrency regulation
- March 24: CleanSpark joins the S&P SmallCap 600 index
Market movements show BTC down 1.62% at $82,676.40 and ETH down 2.29% at $1,892.55. Spot BTC ETFs have cumulative net flows of $35.67 billion, while total BTC holdings are approximately 1,120 million.
Security concerns arose after hackers exploited vulnerabilities in BNB Chain's Four.meme launch platform, draining liquidity from newly launched tokens. The platform has suspended new launches and initiated compensation for affected users.
Overall, open interest in ETH, LTC, XRP, and SOL futures has increased, but confidence in BTC and ETH futures remains low, as indicated by depressed open interest levels.