BTC is moving back to the mainstream sensitivity, after the frenzy over the first ETF approval and BTC halving was over. It was clearly evident during the previous week, when the market nervousness regarding Fed's decision and view on economic developments was too high. Namely, increasing inflation in the US is putting in question whether the Fed will have a manoeuvre space to decrease interest rates till the end of this year. As market sentiment is moving between less than three rate cuts and no-rate-cuts this year, the asset classes are experiencing their market volatility. Now the BTC is also in this class.
Wednesday was the day when the FOMC Meeting was held, and also a day when the price of BTC strongly moved to the down side and reached its lowest weekly level at $56.873. The price held around the level of $57K for some time. However, the rest of the week brought back dip buyers, which moved the price to the higher ground and its weekly highest level at $64.713 on Saturday. The RSI was strongly pushed to the downside, however, a clear oversold side was not clearly reached. Instead, the indicator stopped at the level of 33 and reverted back toward the level of 49, where it is ending the week. The market is still not ready to pass the line of 50, which would indicate that it is currently eyeing the overbought market side for one more time. Moving average of 50 days stopped its divergence from MA200, however, the convergence move has not started yet.
Current charts are not showing a higher potential for higher grounds for BTC in the following period. BTC is currently testing the $63K resistance line, but it seems that there is not enough market strength to push the price to the higher levels. At the beginning of the week some short reversal might be possible. There is some probability for the support line at $60K to be tested for one more time. On the opposite side, if the level of $63K is broken to the upside, then BTC`s next level would be the $65K. However, at this moment, charts are showing a low probability for such a move for the week ahead.
Wednesday was the day when the FOMC Meeting was held, and also a day when the price of BTC strongly moved to the down side and reached its lowest weekly level at $56.873. The price held around the level of $57K for some time. However, the rest of the week brought back dip buyers, which moved the price to the higher ground and its weekly highest level at $64.713 on Saturday. The RSI was strongly pushed to the downside, however, a clear oversold side was not clearly reached. Instead, the indicator stopped at the level of 33 and reverted back toward the level of 49, where it is ending the week. The market is still not ready to pass the line of 50, which would indicate that it is currently eyeing the overbought market side for one more time. Moving average of 50 days stopped its divergence from MA200, however, the convergence move has not started yet.
Current charts are not showing a higher potential for higher grounds for BTC in the following period. BTC is currently testing the $63K resistance line, but it seems that there is not enough market strength to push the price to the higher levels. At the beginning of the week some short reversal might be possible. There is some probability for the support line at $60K to be tested for one more time. On the opposite side, if the level of $63K is broken to the upside, then BTC`s next level would be the $65K. However, at this moment, charts are showing a low probability for such a move for the week ahead.
