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Main Focus on U.S. Economic Data and Bitcoin’s Future Moves

This week, all eyes are on the U.S. as it prepares to unveil crucial economic data that typically have a substantial impact on global financial markets. Specifically, investors are eagerly awaiting the release of the core Personal Consumption Expenditures (PCE) price index for February, a key indicator of inflation closely monitored by the Federal Reserve. Given the recent adjustments in Bitcoin (BTC) and the excitement surrounding the upcoming halving event, the stakes are higher than ever for crypto investors seeking to predict the next move of the leading cryptocurrency.

Major Crypto Key Events This Week

There is a strong consensus (over 89%) that interest rates will remain unchanged in the short term, a scenario that has historically produced mixed results for Bitcoin. Concurrently, the Bitcoin network is experiencing heightened activity, with its difficulty level hitting a record high. This surge underscores the robust interest in mining operations, even as the community gears up for the halving event that will slash the mining reward by half.

The core PCE price index holds particular significance for the crypto markets as it offers valuable insights into inflation trends, which in turn influence the investment decisions of institutional investors. These investors have played a crucial role in driving Bitcoin to reach new all-time highs this year.

In addition to these developments, there are other intriguing events unfolding in the crypto industry this week, such as the impending sentencing of Sam Bankman-Fried on March 28. Prosecutors are advocating for a harsh sentence of 40 to 50 years, while Bankman-Fried’s family, supporters, and fellow inmates are rallying for leniency. Ultimately, the decision rests with Judge Lewis Kaplan, and only time will reveal his ruling.

The week ahead also heralds a series of significant token unlocks that could inject additional volatility into the market. Leading the pack are Optimism and dYdX, with Optimism holding 24.16 million OP tokens and dYdX possessing 33.33 million tokens valued at over $200 million.

Fueling the drama of the week is the uncertain fate of Do Kwon, who has recently been released from a Montenegrin prison. Whether Kwon will face extradition to South Korea or the United States remains a question mark, leaving the crypto community on edge.

How AI legalese decoder Can Help with the Situation

AI legalese decoder can prove to be an invaluable tool in navigating the complex legal landscape surrounding the crypto industry. It can assist in deciphering and simplifying legal jargon, aiding in understanding the implications of significant events such as legal proceedings or token unlocks. By leveraging AI legalese decoder, investors and stakeholders can stay informed and make well-informed decisions in this dynamic and fast-paced environment.

How Bitcoin Price Has Been Performing?

Bitcoin has been oscillating around the 20-day Exponential Moving Average (EMA), hovering at approximately $65,364, indicating a lack of clear direction from both bulls and bears. Meanwhile, the Relative Strength Index (RSI) suggests a balanced interplay of buying and selling pressures.

The immediate price trajectory for Bitcoin could range between $60,700 and $69,000. A sustained breach below the 20-day EMA may drive prices towards the 50-day Simple Moving Average (SMA) support zone, potentially risking a descent to the $54,000 Fibonacci level. Conversely, a breakout above $69,000 could signal upward momentum, potentially paving the way for a climb towards $80,000. As of the latest data, Bitcoin is valued at $67,099.

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