Bitcoin is facing a major test: should it expect an increase, or is it ready for a new round of decline?

Can the cyclical rise of four-year halving be staged?

From a technical point of view, the performance of Bitcoin prices in recent weeks has shown a typical state of long-short game. After this year's high, Bitcoin has gradually entered a consolidation period, with prices hovering around the $60,000 mark. The chart shows that the key resistance level is around $60,000, while the support levels are at $52,000 and $49,000 respectively. The market seems to be brewing a big move, but the direction is still unclear.

The Fed's interest rate decision next week may become a key event affecting Bitcoin's trend.

However, contrarian investors should think about the following questions: How much of the market has digested the expectation of interest rate hikes? Will the Fed's decision bring unexpected "dovish" information, causing the market to rise suddenly? According to past experience, when investors are generally bearish on the market, it is often an opportunity to enter the market in reverse. At this moment, the market is full of pessimistic expectations about the possibility of interest rate hikes. Contrarian investors may seize the extreme market sentiment and profit from it.

In the range of $50,000 to $52,000, when the market falls rapidly, contrarian investors can enter the market in batches appropriately. Technically, the support level is strong, coupled with the reversal signals of KDJ and RSI indicators, this may be a good time to buy the bottom in the short term.

If the market does not fall sharply as expected after the Fed meeting, contrarian investors can pay attention to the price of Bitcoin breaking through the resistance level of $60,000. Once it breaks through, the price is expected to rise further, and the next target can be set at $65,000 or even higher.

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