Bitcoin is shaping a promising triangle pattern, hinting at positive prospects in the weeks ahead. This consolidation coincides with the global financial markets eagerly anticipating the Federal Reserve's forthcoming monetary policy announcement. The Fed is anticipated to keep interest rates unchanged in the upcoming Wednesday FOMC announcement.
According to Coingabbar Price Analysis, Since mid-October, Bitcoin has shown a robust uptrend, igniting optimism in the crypto market. A notable bullish signal emerged with a Golden crossover on the daily BTC price chart. BTC made an impressive 32.55% surge, soaring from $26,560 to a 500-day high of $35,263. Nevertheless, it's currently grappling with resistance at the $35,000 mark. Over the past week, Bitcoin has traced a triangular pattern in the $33,000 to $35,000 range. Breaking through the $35,000 resistance could pave the way for a positive mid-term trend. However, given the rapid price rise, the potential for a consolidation correction with minor retracements remains a possibility.
KEY LEVELS :
RESISTANCE LEVEL : $34,900-$35,300
SUPPORT LEVEL : $34,100-$33,700
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.
