Bitcoin (BTC) is witnessing a see-saw battle near $40,000 with both the bulls and the bears trying to gain the upper hand. The volatility could remain high as the markets await the United States Federal Reserve’s policy decision due on March 16.
Analyst Willy Woo suggests that Bitcoin could witness a capitulation event based on a cost basis, a metric that indicates the transfer of Bitcoin from inexperienced to experienced traders. Such sharp declines usually suggest the formation of market bottoms.