Bitcoin — The Bulls Have to Postpone the Party
Once again, the market sparked excitement among crypto traders on Friday within seconds. Bitcoin made a strong move above the crucial 58k level and then aimed for 60k.
Today, it feels like the day after the party: Bitcoin didn't break the 60k barrier, and its current price action is sending mixed signals. Let's break it down:
The Positives:
Bitcoin managed to climb above the crucial $58k level, which has now become a support zone (at least for the short term). This is an important threshold for any sustained upward momentum. Currently, $58k seems to be holding, providing a short-term base for the price.
Another positive sign is the Stochastic RSI. It has quickly fallen into oversold territory, often signaling that the downside move may be losing steam and a reversal could be approaching.
The Negatives:
On the downside, Bitcoin failed to break through the key middle trendline around $60k. This level was a critical resistance point that, if surpassed, could have provided the market with the second bullish signal it was waiting for.
Even more concerning is that Bitcoin has been rejected twice at this level on the 4-hour chart, indicating that the market is struggling to build bullish momentum beyond $60k.
What’s Next?
With the Federal Reserve's rate decision coming up this week, volatility is almost certain. All eyes will be on the announcement, as it could be a major driver for Bitcoin's next move. For now, Bitcoin remains in a neutral zone—neither bearish enough to trigger a strong downtrend nor bullish enough to break into new highs.
One thing can be said with confidence: a volatile ride is ahead.
