Bitcoin’s price saw a significant increase above $68,500, even testing $70,000, before experiencing a major bearish reaction. The cryptocurrency started to decline from the $70,000 resistance zone and is currently trading below $68,550 and the 100 hourly Simple Moving Average. There is a connecting bullish trend line with support at $67,500 on the hourly chart of the BTC/USD pair.
Bitcoin’s price saw a steady increase above the $68,500 resistance zone and cleared the $69,200 resistance zone. However, after the Federal Reserve kept interest rates at 5.5%, there was a strong bearish reaction. The price dipped below $68,800 and $68,500 levels, testing the $67,200 zone. Currently, the price is consolidating losses near the 23.6% Fib retracement level from the swing high to the low.
Bitcoin is currently trading below $68,800 and facing resistance near the $68,250 level. The first major resistance is at $68,550 and the 50% Fib retracement level, followed by $69,200. A clear move above $69,200 could push the price higher towards $70,000 and potentially $71,200 in the near term. On the downside, immediate support is at $67,200, followed by $67,000 and $66,000. Further losses could lead to the $65,500 support zone.
The hourly MACD is losing pace in the bearish zone, indicating a potential further decline in price. The hourly RSI for BTC/USD is currently below the 50 level, suggesting bearish momentum.
Bitcoin’s price has experienced a bearish reaction post-Fed decision, with potential further downside if it fails to climb above key resistance levels. Traders and investors should closely monitor support and resistance levels, as well as technical indicators, to gauge the market sentiment and potential price direction in the near term.
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