Markets came into March 19 already on edge.
The Federal Reserve has just delivered its latest policy verdict, oil is surging on Middle East supply fears, and even seasoned traders are struggling to find footing.
Crypto did not escape the pressure.
Bitcoin slid again after the Fed’s FMOC meeting, extending a pullback that has kept traders focused on downside targets rather than a quick return to late-2025 highs.
That has revived a more defensive tone among analysts, with some warning that Bitcoin could still have more ground to lose.
Related: Bitcoin falls below $70K as markets tumble after oil price spike
Analysts warn Bitcoin may have further to fall
In a March 19 post, market analyst Benjamin Cowen said:
“Bitcoin when valued against Gold will likely drop to the range lows later this year.”
The chart he shared shows the BTC/gold ratio moving back toward the lower end of a multi-year trading range after failing to hold its recent highs.
Cowen’s argument is less about gold soaring and more about Bitcoin underperforming relative to it.
Chart shared by Benjamin Cowen on X
Even if both assets weaken, a falling BTC/gold ratio would still imply Bitcoin is losing value faster than gold over time.
Another analyst, Ted, struck a similarly bearish tone. In a March 19 post, he wrote that Bitcoin had fallen between 6% and 30% after the last six Fed meetings, adding that a 6% drop would put BTC near $67,000 and a 30% decline would imply a move toward $50,000.
Ted said he believes Bitcoin will hit both levels at some point in 2026.
Fed holds rates steady, lifts inflation outlook
The pressure came after the Fed left its benchmark interest rate unchanged in the 3.50% – 3.75% range on March 18 and projected higher inflation this year.
Reuters reported that policymakers now expect personal consumption expenditures inflation to end 2026 at 2.7%, up from the 2.4% projected in December.
Fed chair Jerome Powell
Fed Chair Jerome Powell said higher energy prices linked to the Iran war would push up near-term inflation, while stressing that the scale and duration of the economic impact remain uncertain.
Reuters said the Fed still sees one rate cut in 2026, but traders pushed out expectations for easier policy as oil prices climbed.
More News:
Nasdaq drops and gold weakens after Fed decision
Traditional markets also turned sharply lower after the decision. The S&P 500 fell 1.4% on March 18, while CNBC reported on March 19 that Dow futures were down about 300 points and Nasdaq 100 futures had slipped 0.8% as oil prices spiked and inflation fears deepened.
Gold did not provide much shelter either. Spot gold fell 5.5% on March 19, marking its seventh straight daily decline as traders bet central banks would keep rates higher for longer.
Even so, Cowen’s chart suggests Bitcoin could still lose ground against gold on a relative basis if crypto remains the weaker asset in a tightening environment.
Crypto market heatmap at press time.
At the time of writing, Bitcoin was trading at $69,354,…
Read More: Veteran analyst sends brutal message as Bitcoin slides again
