Historically bearish – The end of the week could see bitcoin (BTC) fall back below $40,000. The bulls are managing to defend key levels at the moment, but the bears are only just beginning to exert their downside pressure based on historical data.
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Bitcoin Above $40,000: The Decisive Next 24 Hours?
Bitcoin price loses $41,000 but still manages to hold above $40,000 today, March 17, 2022. Bitcoin trades at $40,762 at the time of writing, and is currently recording a daily loss of 1.25%.
Bitcoin therefore remains above $40,000 despite the Federal Open Markets Committee (FOMC) nearly unanimously voting in favor of the 25 basis point increase in the interest rate to 0.5%. This vote was accompanied by a statement warning against the persistence of ” upward pressure on inflation », in particular because of the armed conflict in Ukraine.
Did the FOMC announcement spare Bitcoin this time around? Recent announcements from the US Federal Reserve regarding a rise in key rates were, at the origin of a large daily red candlestick, after the announcements. We will therefore have to wait until tomorrow’s close, Friday March 18, 2022, to find out if the bulls are indeed able to defend the $40,000 against this shock.
Regarding key levels, Michaël van de Poppe believes that Bitcoin must now turn the $39,600 into support. If bitcoin price manages to “sweep the high of $42K”, then it could possibly continue with an ascent towards $46,000.
On a longer timescale, Bitcoin would be according to trader Rekt Capital, “ trying to retest the $41,400 blue level in the monthly bitcoin price chart below.
Rekt Capital indicates that bitcoin “ could reasonably recover this level as support by the end of the month “.
Traders and analysts were already speaking cautiously after the recapture of $40,000 and $41,000 yesterday, March 16, 2022. The bulls would set the stage for the bears. Is the bullish trap closing?
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