February was a tough month for the cryptocurrency industry as Bitcoin [BTC] struggled to make it past $25K. Over time, BTC slumped back below the $24K zone. But a recent report by K33 Research highlights how the king coin could be aiming for $28K in March.
According to the report, Bitcoin’s $25,000 resistance was set back in August 2022. However, there was hope as the report read, “March represents an opportunity to be aggressive.”
K33 Research believes that there are two primary “catalysts” that could drive the price of BTC. The first one was attributed to the oral hearing in the Grayscale-SEC court case that is scheduled for Mar. 7. Recently, both the aforementioned parties were asked to appear before the court at 9:30 a.m. ET next week. This hearing was expected to occur sometime in the second quarter of 2023. But it was abruptly preponed by the court.
While Bitcoin wouldn’t be immensely impacted, it could still instigate the “needed enthusiasm to push the market higher.”
The second factor is the FOMC meeting will take place on Mar. 22. Elaborating on the same, the report read,
“Related to the FOMC meeting, positive employment data and negative PCE data have increased the hiking expectations for the nearest FOMC press conference, with implied odds of 25% for a 50bps hike. The FED tends to deliver few surprises, and unless CPI surprises to the upside, a 25bps hike should reflect well on the market.”
Sadly, the Bitcoin market reacted poorly to the release of FOMC minutes. But researchers believe that the king coin could break past its resistance level.
Bulls continue to reside in the Bitcoin market
At press time, Bitcoin was trading for $23,773 with a 2.02% daily surge. The short-term price chart of BTC exhibited a bullish notion, further raising hopes for $28K.
The MACD indicator formed a bullish crossover with the signal line below the MACD line. Additionally, the Relative Strength Index [RSI] indicator suggested that the buyers had the upper hand.
If the asset continues to move in this existing sentiment, it could certainly push past $25K. If it fails to do so, it might drop to its immediate support level of $22,722.
In addition to this, Bitcoin emerged as the talk of the town thanks to ordinals and inscriptions. Bitcoin Inscriptions recently peaked at 218K.
All of these factors further strengthened Bitcoin’s chances to reach the $28K level in March.