Market Analysis by Investing.com (Günay Caymaz) covering: BTC/USD, Bitcoin Futures CME, Bitcoin, ETH/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Bitcoin remains in a pivotal price range around $34,000, with an upcoming Fed decision likely to influence its next move.
This zone corresponds to our tracking of the short-term downtrend. In the present scenario, it's evident that the cryptocurrency has temporarily halted its upward trajectory within this range.While buyers and sellers enter the market monitoring mode in this zone, the BTC price continues to remain at the $34,000 limit. The next move may come after this week's FedFailure to overcome this area may cause a pullback to $ 33,200 during the week.
The cryptocurrency, which bottomed out in the $16,000 region during this period, has entered a gradual recovery phase over the last year.Looking at Bitcoin's peaks and troughs over the last two years, it is seen that Fib 0.236 has turned into support as of last week. According to this approach, we see that the next obstacle is formed in the $ 36,500 region, which corresponds to Fib 0.382.
In the event of daily closes above this key level, the subsequent target levels become 1.910, 2.010, and 2.130. Conversely, if daily closures fall below $1,770, a retest of $1,680 may occur, aligning with the downtrend's origin in April.
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