With the FOMC meetup coming next week on the 17th, the volatility in the US and crypto markets is on the rise. Amid the uncertainty, the Bitcoin price
The upcoming FOMC meetup on the 17th is driving up volatility in the US and crypto markets. Amidst this uncertainty, the Bitcoin price hovered around the $58K crossroads as the market maintained a cautious stance.
Rising Bitcoin ETFs inflows and a bullish pattern on the daily chart set the stage for a potential BTC price rally towards the $60K mark. Our BTC price analysis delves deeper into this possibility.
BTC Price Performance
On the daily chart, the Bitcoin price action depicted a channel pattern, completing a bullish flag with the early 2024 rally. Currently, the BTC price showcased a double bottom pattern as it found support near the $54,000 mark.
Tradingview However, the lower price rejection from the support trendline hinted at a new bullish cycle within the channel. At the moment, the BTC price faced resistance at the 23.60% Fibonacci level as the recovery rally gained momentum.
Moreover, the BTC price traded at $57,790 with an intraday pullback of 0.60%. This pullback followed an intraday rise of 1.39% as the BTC price closed above the $58,000 mark.
The immediate resistance level stood at $58,655, halting the V-shaped recovery in Bitcoin prices.
Technical Indicators
MACD: The MACD indicator depicted a bullish crossover as the recovery run gained momentum. Notably, the positive histograms were on the rise.
RSI: The RSI indicator attempted to cross the halfway line and took a sideways path after surpassing the 14-day SMA.
Exchange Volume Declined for Bitcoin
The Bitcoin Exchange Volume Momentum chart highlighted a drastic decline in on-chain activity relating to exchanges. This decline indicated that fewer investors actively traded Bitcoin, with the majority remaining cautious.
As the broader market maintained a “wait-and-see” approach, price action traders awaited clear signals.
Will Bitcoin Price Hit $60K? Encountering resistance at the 23.60% Fibonacci level, the chances of the V-shaped recovery in Bitcoin reaching $60K appeared slim. However, technical indicators maintained an overall bullish outlook.
If the Bitcoin price breached the neckline over the weekend, it could signal a bullish breakout, potentially pushing the BTC price towards the $60K milestone.
For a deeper analysis of Bitcoin's future trajectory, Coinpedia's Bitcoin price prediction for 2024 and beyond provides valuable insights.
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