The blockchain community got a bit of good news on March 14 after regulators in the European Parliament's Committee on Economic and Monetary Affairs rejected a ban on proof-of-work (PoW) based cryptocurrencies like Bitcoin (BTC) that would have had significant ramifications for the crypto industry.

Data from Cointelegraph Markets Pro and TradingView shows that despite the positive development, Bitcoin continues to trade sideways near the $39,000 level amid geopolitical uncertainty and the possibility of a Federal Reserve interest rate hike later this week. CME Fed Fund futures prices suggest that traders are pricing in a March 16 rate hike with 100% confidence.

Here’s what several analysts are saying about the outlook for Bitcoin ahead of any possible interest rate hike and what levels to keep an eye on when tracking the bull and bear market scenarios.

The price action in the cryptocurrency market on Monday has been “insanely boring,” according to markets analyst and Cointelegraph contributor Michaël van de Poppe, who posted the following chart outlining one possible path BTC could follow in the coming days:

Referencing the chart, van de Poppe said:

Overall, Bitcoin appears to be continuing the consolidation pattern it has been following for the past two months as highlighted in the following chart posted by on-chain cryptocurrency analyst Will Clemente.

As for what comes next with this pattern, options trader and pseudonymous Twitter user John Wick posted the following chart noting that there is “a squeeze forming on the daily chart.” He further explained:

Related: Law Decoded: Joe Biden’s executive order is finally upon us, and it doesn’t look too dreadful, March 7–14.

Analysis from a higher timeframe perspective was