Expectations Of Aggressive FED Drop, Here’s Why Bitcoin Could Rise To $50K

Bitcoin stumbles as it approaches the mid area around its current levels. As reported yesterday, there was a large number of asks orders at $45,000, and $48,000, which could continue to operate as resistance in the short term. Related Reading | TA: Why Ethereum Could Rally Further Above $3K At the time of writing, Bitcoin trades at $43,748 with a 2.1% loss in the last 24-hours and a 14.1% profit in the past 7 days. Market participants seem to be wondering if the price of Bitcoin will be able to sustain its current momentum. At the moment, the benchmark crypto displays some weakness and trends lower during the day. Data from Material Indicators suggest potential support for Bitcoin’s price around $43,500. As seen below, there are around $5 million in bid orders at those levels, with $7 million in additional bids orders lower at $41,600, in case of further price action. $45,000 remains major short-term resistance, as mentioned, with over $20 million in asks orders from $44,800 to that level. Even if the price of Bitcoin can break above those levels, there is an extra stack of asks orders at $46,000. The market could be reacting to the situation between Russia and Ukraine, but more importantly for BTC’s price trajectory, it is the impact of this conflict on a potential interest rate hike from the U.S. Federal Reserve (FED). Per Yahoo Finance, FED Chair Jerome Powell said on a potential monetary shift: (the FED) remained on t...