BITCOIN PRICE ANALYSIS CMP-$28,300: Will BTC Reach $30,000 Before the FED’s Rate Decision?
The price of Bitcoin is currently attempting to break above the resistance zone of $28,500. If it manages to do so and close above this level, it could potentially rally further. Despite making another attempt to clear this hurdle, Bitcoin has struggled to gain momentum and close above it.
Due to market conditions, Bitcoin experienced a downside correction, falling below the $28,000 level. The price even dipped below the 50% Fib retracement level, which measures the upward movement from the $23,912 swing low to the $28,591 high. This dip tested the crucial $27,400 support zone and the 50 hourly simple moving average.
The bulls have successfully defended the 61.8% Fibonacci retracement level of the upward movement from the $23,912 swing low to the $28,591 high. Additionally, a crucial bullish trend line is taking shape with support near $27,780 on the hourly chart of the BTC/USD pair. As of now, the Bitcoin price is trading above $28,000 and the 50 hourly simple moving average.
The first is at the $28,500 level, which is close at hand. Beyond that, the next significant resistance is either at the $28,500 zone or the recent high. If the price manages to close above the $28,600 resistance, it could signal the start of another significant increase. Should this occur, we could see the price rise towards the $29,200 level. If the gains continue, the price may even reach the $30,000 resistance zone.
In the event that the price of Bitcoin is unable to surpass the resistance level of $28,600, a downward correction may ensue. However, there is an immediate support level located near the $27,750 zone, which includes the 100 hourly simple moving average and the trend line. Should the price continue to decline, the next significant support level is situated at the $27,200 zone. Further losses could potentially lead to a drop towards the $26,500 support zone, with the next major support level being at the $26,000 mark.
The market capitalization of this BTC is $547,033,159,587, according to Price Analysis. The coin’s 24-hour trading volume is around $35,170,853,481.
KEY LEVELS :
RESISTANCE LEVEL : $28,600-$29,000
SUPPORT LEVEL : $27,900-$27,400
Today’s Federal Open Market Committee (FOMC) meeting is currently indicating an 80% probability of a 25 basis point interest rate hike. This decision has the potential to significantly impact the value of Bitcoin. The question on everyone’s mind is whether the price of Bitcoin will rise or fall in response to the FOMC’s decision. We invite you to share your thoughts and insights in the comments section below. Let’s discuss the potential implications of this decision on the cryptocurrency market.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
