Bitcoin price encounters resistance from FOMC impact while trader anticipates a rise to the mid-$50K range.

Bitcoin (
BTC
) is edging closer to $60,000 as its price weakness persists, according to reports on March 19. Despite volatile conditions, BTC/USD is preparing to test $62,000. Following the daily close, the largest cryptocurrency experienced a drop of nearly 8% on the day. This coincided with the upcoming interest rates decision from the United States Federal Reserve on March 20, causing risk assets to face pressure. The U.S. dollar also gained strength, with the U.S. dollar index (DXY) reaching above 104 before stabilizing. In addition to the Fed event, other factors affecting Bitcoin include Japan’s central bank raising rates for the first time since 2007 and outflows from the Grayscale Bitcoin Trust (GBTC), which reached a record $642 million on March 18. Market observers believe that Bitcoin may be close to a bottoming procedure, with a potential correction point at $60,000. Veteran trader Peter Brandt remains optimistic about Bitcoin’s overall strength, stating that the current correction is healthy and that BTC is in a major bull trend. He highlighted a potential head and shoulders pattern on daily timeframes, suggesting a possible dip to $55,000, but emphasized that this would still be in line with Bitcoin’s rising trend. Confidence in the bull market remains strong, despite the previous failures to surpass old all-time highs at $69,000. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.