Bitcoin: Is Another Storm Brewing Before FOMC and US Data?

Bitcoin price faced rejection at its bull flag's peak

• #Bitcoin price has been struggling to break past the $72,000 resistance level for the last four months.

• After failing to hold above $68,500, the cryptocurrency has been showing bearish signals below $67,200.

• All eyes are on the upcoming release of the US Bureau of Labor Statistics' Consumer Price Index (CPI) data set for Wednesday.

• At the same time, the US Federal Reserve will release its FOMC statement, economic projections, and interest rates, sparking market worries.

• Bitcoin's price could be forming a double top pattern, suggesting possible bearish momentum continuation.

• This pattern suggests a possible pullback to the lower end of Bitcoin's trading range, around $60,000.

• According to Coin Gabbar analysis, If Bitcoin stays above $66,000, it might surpass $72,000 and target its previous all-time high near $74,000, potentially reaching Fibonacci extension levels of up to $78,300.

• Conversely, a drop below $66,000 might find support around $65,000 or $63,000, potentially leading to further decline towards the $60,000 mark.

KEY LEVELS :

RESISTANCE LEVEL : $67,600-$68,500

SUPPORT LEVEL : $65,800-$64,600

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