Bitcoin failed to recover losses after US Federal Reserve decision, and $20,000 Bitcoin price becomes relevant again
Bitcoin is a bargain for some at current levels, but predictions of a fall in the price of Bitcoin remain relevant. Bitcoin Analysis: Hype, FOMO and the Slow Rise to $28,500 Data from multiple outlets has shown little action in Bitcoin's price over the past 24 hours, with $27,000 falling out of sight.
The fallout from the United States Federal Reserve's pause in interest rate hikes didn't offer much for Bitcoin bulls, and BTC/USD fell nearly $700 the day before.
Market participants have now returned to a more conservative view in the absence of significant volatility.
"Something like this during October would be ideal I think," said a popular trader
"A slow climb to $28,500, followed by hype and FOMO, and then back down again. While the Materials indicators were tracking a so-called "death cross" on the weekly chart. A death cross occurs when certain moving averages (SMA) cross, and here the 21-week SMA was on track to cross the 200-week equivalent.
“The 21-week and 200-week moving averages are on collision course for a death cross on the weekly BTC Close/Open candle,” X warned in a post that day.
Material indicators have mentioned a possible new low (LL) at the close of the week.
The 50-week SMA may provide some temporary support and even cause a short-term rally, but if the PA takes us there, it will lead to a new low, which I believe will pave the way for the price to move lower towards the $20,000 level."
"If there is a base case for hope, it is that FTX liquidators don't want to see too much price erosion before they start distribution and may try to support the price for a while longer. This is purely speculative, but not outside the realm of possibility," publication on X has concluded."
Well, as usual, I will monitor the situation and look for profitable trades. Telegram: CryptoXVT. The publication is sponsored by my channel
