CandleFocus Bitcoin Price Analysis: BTC Dips to $58K in Anticipation of This Week’s Fed Rate Decission
2024-09-16
Author: Content Editor
Bitcoin's price is currently consolidating around the $60K level, but there may be an impulsive move soon. The price has not definitively climbed back above $60K after dropping from the 200-day moving average at $63K. To start a new rally, both $60K and the 200-day moving average need to be broken to the upside. On the 4-hour chart, the price is testing a bullish trendline, and if it holds, a rise above $60K is likely. However, a breakdown could lead to a drop towards $57K and even $53K in the coming weeks. The futures market sentiment has decreased during the consolidation and correction phase, indicating bearish sentiment but also suggesting the market is no longer overheated and a sustainable rally could occur with sufficient spot buying pressure.
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