The BTC/USD pair showed strength as the Bitcoin rally surged, reaching 27,483, its highest point since August 30th, with a more than 10% gain from this month's low. Market watchers are keen on the Federal Open Market Committee (FOMC) meeting's outcome and its potential impact on Bitcoin and the crypto market.
Bitcoin's price is currently poised to make a significant bullish move above the critical resistance level of $27,500. If it manages to close above this level, we could see BTC surging further towards the $28,200 mark. The recent price action saw Bitcoin breaking above the $26,800 resistance zone, maintaining strong buying interest, and establishing support above the pivotal $27,000 level.
However, it's worth noting that bears are still putting up a fight around the $27,500 area. The cryptocurrency reached a peak at approximately $27,483 and is presently consolidating its recent gains. As of now, Bitcoin is trading comfortably above both the $27,000 support level and the 50-hour Simple Moving Average.
Over the past few days, the BTC/USD pair has experienced a strong upward trend. On the 4-hour chart, it has climbed to the 50% Fibonacci Retracement level and formed an inverted head and shoulders pattern. After finding strong support, Bitcoin's price has maintained a consistent uptrend. Furthermore, the 50 Simple Moving Average has recently crossed above the 200 SMA, creating a "golden cross" buy signal. If this momentum continues, bulls may aim to challenge the next significant resistance level at approximately $28,200. However, a breach of the uptrend line could trigger a reversal, possibly leading to a retest of the longer-term support at $25,000.
According to Coingabbar Price Analysis, the market capitalization of BTC stands at $529,544,930,922. The 24-hour trading volume is approximately $9,905,683,920.
KEY LEVELS :
RESISTANCE LEVEL : $27,500-$28,000
SUPPORT LEVEL : $26,600-$26,200
Can Bitcoin experience a swift rise to $30,000 if the Federal Reserve extends its rate pause? And how could the statements from the FOMC (Federal Open Market Committee) and FOMC Economic Projections influence both the cryptocurrency market and the broader global financial markets?Please share your views in the comment box below.
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.
