Bitcoin Slightly Drops On Wary Ahead Of Major Event

Market "Frozen Interest Rates at FOMC Press Conference"
BTC/Altcoin Slides On Missing Low-Buy Buying In Mar. 17
Experts "BTC Bounces Back in April After Short-Term Volatility"

Cryptocurrencies including Bitcoin(BTC) fell slightly on Mar. 17 as the U.S. Federal Reserve's announcement of the Federal Open Market Committee(FOMC) benchmark interest rate approached this week.

On Mar. 19, the Fed will hold a FOMC meeting to announce its benchmark interest rate. The prevailing public opinion in the market is that the Fed will freeze interest rates this month over the comments left by the Fed after the FOMC meeting last month. As a result, cryptocurrency fell weakly as the analysis that the market would fall sharply after the FOMC press conference dominated the market.

Low-priced purchases are also fading as visible events that will affect the market are just two days away.

The net outflow of Bitcoin Spot Exchange Traded Fund(ETF) in the U.S. was also found to have affected the decline in Bitcoin. According to data from the financial data platform Sosovalue on Mar. 15, 11 Bitcoin spot ETFs in the U.S. recorded a total net outflow of about $4.58 billion from February 6 to March 14.

◇Bitcoin = Bitcoin price is $83,355 at 4:30 p.m. on Mar. 17, 2025. The Bitcoin share(dominance) was 61.62%.

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 60.91% and 39.09%, according to the on-chain analytics platform Sigbtc.

The majority of the public opinion was that Bitcoin is difficult to expect a big rebound in the short term.

In an interview with CoinTelegraph, Marcus Thielen, founder of 10x Research, said, "Last year, Bitcoin went through an adjustment until November after hitting a new high in March. Even now, the bullish signal has weakened due to market uncertainty."

"There is little movement to buy low-priced in the bitcoin spot ETF market," he said, adding, "We are not sure about the possibility of a rise in the short term."

However, there were claims that Bitcoin, which suffered short-term volatility, would rebound in April.

Cryptocurrency expert Timothy Peterson pointed out Bitcoin's past upward pattern through his X account on Mar. 16, predicting that Bitcoin could start trading in April and break the previous high in June.

"Bitcoin's annual performance occurred in April and October," he said. "There is a good chance that Bitcoin will reach its all-time high in June this year."

◇Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Mar. 17 was Carv(CARV), up about 28%.

Carv is a modular data layer protocol specialized in games and artificial intelligence(AI). It aims to manage a single integrated data layer by collecting information from users scattered across various games and AI platforms.

◇Fear Greed Index = Digital asset fear-greed index provided by Alternative maintains a 'Fear' level with 32 points. The fear stage(20-39) is a stage where cryptocurrency price volatility and trading volume increase, and the price falls. Since there is a high possibility of forming a low point in the short term, one should be careful about buying.

The cryptocurrency relative strength index(RSI) provided by Sigbtc was 49.8, which was in a 'neutral' state. RSI sets the relative strength between the upward and downward pressure of a particular asset price and is an indicator of a measure of over-purchasing and over-selling of a particular asset.

권승원 기자 ksw@blockstreet.co.kr