Bitcoin Nears $70K as March Rate Cut Bets Fade

Bitcoin Nears $70,000 as March Rate Cut Expectations Plunge

Bitcoin
2026-3-12 22:22
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Bitcoin's price fluctuates around $70,000 amid mixed U.S. macroeconomic data, leading to fading expectations for a March Fed rate cut. Key Bitcoin price levels remain unchanged as traders await directional signals.

Bitcoin's price is fluctuating around the $70,000 mark, with mixed U.S. macroeconomic data leading to a near disappearance of market expectations for a Federal Reserve rate cut in March. Data shows that Bitcoin's price continues to consolidate, with the BTC/USD trading range narrowing.

Bitcoin Nears $70,000 as March Rate Cut Expectations Plunge插图

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Bitcoin Nears $70,000 as March Rate Cut Expectations Plunge插图1

WTI Crude Oil CFD 1-hour chart. Source: Cointelegraph/TradingView

Bitcoin Nears $70,000 as March Rate Cut Expectations Plunge插图2

Probability of target rate for the March 18 FOMC meeting (screenshot). Source: CME Group BTC Price Breakout May Take Weeks Key Bitcoin price levels remain unchanged as traders await directional signals. Trader Daan Crypto Trades noted that $72,000 and $62,000 are key dividing lines for spot prices, with the Point of Control (PoC) around $68,000.

Bitcoin Nears $70,000 as March Rate Cut Expectations Plunge插图3

BTC/USDT perpetual contract 4-hour chart. Source: Daan Crypto Trades/X Analyst Rekt Capital pointed out that, by historical standards, Bitcoin's bear market may continue from now on.

Bitcoin Nears $70,000 as March Rate Cut Expectations Plunge插图4

BTC/USD monthly chart. Source: Rekt Capital/X

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