#Bitcoin (BTC), which gained volatility with the announcement of the #Fed interest rate decision, has not been able to determine its route yet.
The Fed, which announced its interest rate decision as a 25 basis point increase on July 26, created great activity in the cryptocurrency market. Priced sharply between 29,000 – 29,700 during the day, #btc also greatly affected the liquidation data. However, cryptocurrencies, which paused after the announcement of the interest rate decision, have not decided in which direction to move for now.
Although the Fed's expected move momentarily moved the BTC price up, this situation could not be permanent. Testing a minor resistance level, BTC is finding buyers at $29,188, retracing $500 on average. Exceeding $29,500 and staying above it will create a positive outlook for both BTC and the altcoin market.
Bitcoin (BTC) chart analysis
The leader of the cryptocurrencies, which started to retreat from $ 29,700, is currently traded at $ 29,188. BTC, which is right in the middle of the Support-Resistance zones, can move towards $ 30,300 - 31,436 and $ 32,409, respectively, as long as it exceeds $ 29,700 in volume. In this process, the volatility created by futures transactions at $ 31,000 may be decisive.
Failure to hold $28,900 by buyers or the spread of FUD news about the sector will trigger declines in BTC. The points that can be followed as support for BTC are 28,900 – 28,040 – 27,460 and 26,600 dollars, respectively. The price is moving back and forth in the intermediate zone for now. After a possible rise to $29,500 – $29,700, clearer data on the direction will emerge.
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