The market is eagerly awaiting Powell's address at the Economic Club of New York today, just before the Fed enters its rate decision blackout period. Bitcoin is currently experiencing an intraday decline of 0.50%, signaling a potential revisit to the recently established support level. This retest holds significant importance in gauging the sustainability of the breakout and the potential for an extended recovery.
According to Coingabbar Price Analysis, Bitcoin's price, after breaching the descending resistance trendline and the 200-Day Moving Average, began a downside correction from the $30,000 resistance zone. It struggled to maintain positivity, settling below the $28,500 pivot level, and could potentially drop towards $28,000 and the 200-Day EMA before any bullish resurgence. On the 4-hour chart, Bitcoin is within a Triangle Pattern. Powell's recent speech on the upcoming FED rate has led to a range-bound trading environment, with both Bulls and Bears vying for control. The triangle breakout will determine the next market direction.
KEY LEVELS :
RESISTANCE LEVEL : $28,600-$29,000
SUPPORT LEVEL : $28,100-$27,800
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.
