[ad_1]
Bitcoin bulls were initially excited after the SEC-XRP situation was resolved. However, the price rose briefly before returning to its previous level. Currently, Bitcoin is trading at the same level as before the rally. However, breakdown of the current structure is likely in the future, leading to a potential correction. The upcoming Fed pivot will play an important role in shaping the market, and investors should be prepared for a major crash.
Recent developments also show that institutional investors are increasing their buying pressure, leading to speculation about the start of another bull run. According to Cheeky Crypto, for four consecutive weeks, Bitcoin has been unable to surpass a certain level of resistance. Despite testing the upside, price is having a hard time breaking the supply zone above $31,848.
If Bitcoin manages to reach a higher price level, such as $40,000, before the Fed pivot, it will provide some level of protection against further market downturns. On the other hand, if Bitcoin were to reverse around the $20,000 to $21,000 range before the Fed pivot, it would test previous lows.
He said, “When Bitcoin prices drop, it’s basically going to be where the altcoins really run out of steam and where the altcoins are going to see their new bear market lows.
The 50% retracement level of $32,681 seems to be the main target for bullish investors. A break above this level would signal a strong position and pave the way for further advances. However, growing institutional interest, accumulation by long-term holders, and potential approval of Bitcoin ETFs may point to a positive outlook. At the time of writing, Bitcoin is trading at $30,293.
[ad_2]
Source link
