Key Points

• Bitcoin price rebounded above $83,000 following an earlier dip to $82,000.
• This is an important economic week in the US with the next FOMC meeting scheduled for March 19.

After a volatile past week during which Bitcoin prices varied between $76,000 and $85,000, now it looks like the digital asset found some stability above $83,000.

This is an important economic week in the US with the next FOMC meeting scheduled for March 19. This is an important event as the US Fed will deliver remarks on the economic situation and potential upcoming interest rate cuts.

Despite the results, the crypto market has enough reasons to maintain optimism amidst increasing global adoption.

Bitcoin Reclaimed $83,000 Earlier

Despite recording volatility in the past 24 hours, at the moment of writing this article, BTC is trading above $83,000.

After seeing a price spike above $84,000 on March 16, BTC dropped to $82,000 levels earlier today, before rebounding to current prices above $83,000.

This is an important week with a new FOMC meeting scheduled for Wednesday that could affect the coin’s trajectory.

Next FOMC Meeting – March 19

On March 19, the US FOMC will deliver economic projections and statements about potential upcoming interest rate cuts in the US.

Interest rate cuts have historically been an important catalyst for Bitcoin’s price. However, according to official data from CME Group, there’s currently a 99% chance that the rates will be left unchanged this week.

Bitcoin and Crypto Markets Maintain Optimism

However, despite a low probability for rate cuts, the crypto market has enough reasons to maintain optimism, due to various factors including increased adoption in the US and abroad.

Institutional adoption is rising fast in the US with various crypto-related products launched recently, while Russia has been using Bitcoin and crypto for oil trades with China and India to bypass Western sanctions, adding another obvious use case for the digital asset class.

Also, the US is getting ready to codify into law Trump’s Executive Order on a Strategic Bitcoin Reserve and Crypto Stockpile.

Also, Trump is reportedly in talks with Russia about ending the war in Ukraine, an achievement that will also turn out bullish for all markets.