TOP 3 PRICE PREDICTION BITCOIN, ETHEREUM, RIPPLE: ALTCOINS TO PUMP ONCE BTC BOTTOMS OUT, SLOW GRIND UP FOR NOW
Bitcoin (BTC) price slipped below $60,000 on Wednesday as markets tried to front-run the Federal Open Market Committee (FOMC) meeting.
In the mid-April meeting, the Fed alleged new uncertainty concerning whether it could cut rates later this year because of inflation data from the previous quarter. This had markets anticipate a rate hike, causing Bitcoin price to dump, going as low as the $56K range.
In a surprising twist on Wednesday, however, the Fed decided to keep rates unchanged, with the improved sentiment sending BTC back into the $58,000 range.
The sentiment has extended to Ethereum (ETH) and Ripple (XRP) prices as they continue to hold above key support levels.
KEY LEVEL TO WATCH AS BITCOIN PRICE SLOWLY GRINDS UP
Bitcoin price drop on Wednesday saw it draw close to testing the Bull Market Support Band at $55,831. However, dovish news from the FOMC may have turned around fortunes as the BTC price is slowly grinding up. If the bulls can manage to haul BTC back above the $59,200 level, it could solidify the recovery, effectively meaning that BTC has bottomed out at $56,552.
In the meantime, Bitcoin price remains in the woods amid falling momentum and growing bearish sentiment, as shown by the Relative Strength Index (RSI) and the Awesome Oscillator (AO) momentum indicators.
If the Bull Market Support band fails to hold as support, Bitcoin price could extend the fall toward the $52,000 threshold, or in a dire case, test the $50,000 psychological level.
Conversely, with the RSI holding well above the mean level of 50, and the AO still in positive territory, all hope is not lost for BTC bulls. And while a flip of $59,200 into support would solidify a recovery rally, the bearish thesis will only be invalidated once BTC breaks and closes above $72,000.
Source: Fxstreet
