Based on the attached chart and current US economic conditions, here is a chart and fundamental analysis for Bitcoin (BTC):
Technical Analysis:
1. Current Price:
Bitcoin price on the chart is at 65,770 USDT, up 0.31% in the last 24 hours.
The highest high in the last 24 hours was 66,498 USDT, and the lowest was 65,314 USD
2. Technical Indicators:
Fibonacci: The chart shows a Fibonacci retracement where the price is testing the 0.618 level, which often acts as an important resistance level.
The closest support levels are around 64,745 USDT and 62,208 USDT.
The next target, in case of a break of the current resistance, could be 67,500 USDT (upper level).
21-period EMA and 9-period SMA: The 21-period EMA and 9-period SMA indicate an uptrend as the price remains above these moving averages.
Stoch RSI: The Stochastic RSI shows that the market is overbought (values close to 100), which may signal a possible correction or consolidation in prices in the short term.
MACD: The MACD is at a bullish crossover point, suggesting that the bullish momentum could continue if the outlook remains favorable.
3. Volatility:
Bitcoin's 24-hour volume is 17,049.91 BTC, indicating a moderate level of market activity, suggesting there is sufficient liquidity but no major panic or euphoria movements.
4. General Trend:
Bitcoin appears to be on a recovery move after testing lower levels, with solid support around 62,000-64,000 USDT and potential resistance around 66,500-67,500 USDT.
US Macroeconomics:
1. Inflation and Monetary Policy:
Inflation in the US has been a dominant factor in the global economy. The Federal Reserve (Fed) has been raising interest rates to control inflation, and this has often negatively impacted risk assets such as cryptocurrencies. However, the expectation that the Fed will slow down rate hikes in 2024 could create a more positive environment for BTC, as a lower interest rate environment boosts risk assets.
2. Strong Dollar vs Crypto:
The Dollar Index (DXY) has remained strong, but there are signs of weakening as the economy slows. A weaker dollar is likely to be positive for Bitcoin as investors seek alternative assets as a hedge.
3. Global Liquidity and Risk Appetite:
Global investors have been seeking protection against inflation and economic uncertainty in assets such as Bitcoin, known as “digital gold.” If liquidity increases in the market due to looser monetary policies in the US, this could increase demand for BTC.
4. Geopolitics and Uncertainties:
With global geopolitical uncertainties and an economic slowdown, decentralized assets like Bitcoin may continue to attract investors seeking protection against volatility in traditional currencies and stock markets.
Conclusion:
Short Term: The market is stretched, with overbought signals on the Stoch RSI. There could be a minor correction, especially if BTC fails to break the 66,500-67,500 USDT resistance.
Medium to Long Term: The US macroeconomic environment, combined with the growing adoption of Bitcoin as a store of value, favors the continuation of a long-term bullish trend, especially if the Fed slows the pace of rate hikes. Support around 62,000 USDT will be key to monitoring any more significant reversal.#BinanceTurns7 $BTC
If the macro scenario continues to favor risk assets, Bitcoin may be preparing to test higher levels towards 70,000 USDT or more. If you liked my short analysis and share it with your investor friend, I will be happy to bring relevant analysis that can help you in a possible decision making.#BinanceTurns7 $BTC
