Bitcoin was rejected once more as it approached the mid area around its current levels. The first crypto by market cap has been trending to the upside over the past week but has been unable to break above critical resistance. Related Reading | TA: Ethereum Eyes Key Upside Break, $3K Holds The Key As of press time, BTC’s price trades at $43,691 with a 1.1% loss in the last 24 hours. One month from now, on March 17th, the U.S. Federal Reserve is expected to possible announced a shift in its monetary policy and to begin its tapering process on their asset purchasing program. In addition, the financial institution could announce a hike in interest rates. The possible shift in monetary policy has been contributing with the global markets current trend to the downside as investors attempt to price-in the FED’s future action. Bitcoin has been impacted by this risk-off environment, but a lot of uncertainty surrounds the crypto market. Director of Global Macro for investment firm Fidelity, Jurrien Timmer, recently presented two scenarios that the markets could follow as the FED prepares to increase interest rates. In the first of these scenarios, the market “tightens on its own” to “tame” inflation, as Timmer said, with a potential top in 2023 of 2% in interest rate hikes incremented at 25 bps or 0.25% starting next march. This could be the most bullish scenario for Bitcoin and the rest of the global market. The U.S. financial ins...
