🪙 #BTC

Bitcoin is once again around $43K, with the price fully bouncing off the ascending trendline and currently attempting to break above the 4-hour MA50 to continue its ascent to $45K and possibly beyond.

This movement followed yesterday's Federal Reserve meeting where Powell expressed readiness to begin rate cuts earlier than their main target of 2% inflation. However, for now, a rate cut is still on "pause," and there weren't expectations for a different outcome this year.

Despite attempts to break the trendline, sellers have not managed a full correction to the 61.8% Fibonacci level. Instead, they are following a more favorable scenario with a bounce off the trendline. Now, the key is to break the MA50 and reclaim a position above the Ichimoku Cloud. Ideally, surpassing $45K and establishing a new trading range would be even better.

Currently, the chart looks promising, and the medium-term upward trend seems to be holding.

BITCOIN DOMINANCE: 53.34%;

FEAR AND GREED INDEX: 72 (GREED);

ALTSEASON INDEX: 51;

MARKET CAPITALIZATION: $1.578 TRILLION.