Although the macroeconomic issues are increasing, has demonstrated resilience. According to the latest data, as of March 13, Bitcoin was trading at approximately 70,600, having hit 74,000 intraday, meaning that demand remains strong, especially among Bitcoin ETFs. The increase in inflow by 583 million between March 9 and March 12 indicates that the institutional interest is still strong despite the larger economic problems.
Nonetheless, Bitcoin is getting its second significant challenge, with the market struggling with the unpredictability of the US economy and oil prices worldwide.
With the Federal Reserve meeting on March 17-18, market expectations for rate cuts have already been scaled back. While Bitcoin’s internal strength appears to be holding up, its path forward will largely depend on how the Fed balances concerns about inflation and growth.
As Bitcoin keeps recovering, it can hit the $75,000 mark, which is a significant . Nevertheless, a continuation of inflation concerns and high oil prices may put pressure on Bitcoin and push it back to the level of $60,000 to $69,000, which is an important demand area.