Bitcoin nears $24,000 at the start of a decisive week, the Fed on the program


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Investing.com – After consolidating on Saturday, Bitcoin posted gains on Sunday, peaking at a high of $23,962, the highest since mid-August 2022, and accentuating the positive trend seen since the start of the year.

Remember that the year 2023 has so far been meteoric for bitcoin, the price of which has jumped by more than 40%.

Bitcoin facing test from Fed meeting this week

But this uptrend will face several key tests this week, with some very busy macro news, culminating in Wednesday night’s Fed meeting, an event that could prove decisive for Bitcoin and the cryptocurrency market in general. .

“Bitcoin is likely to consolidate further until the Federal Open Market Committee (FOMC) decision, with downside risks if the Fed sticks to its hawkish mantra,” wrote Edward Moya. senior market analyst at Oanda, in a note Friday.

Recall that the rally in crypto came after the latest Personal Consumption Expenditure (PCE) report, which showed a slowdown in inflation at the end of last year on Friday, data that cemented expectations of a slowdown in Fed rate hikes.

The trend remains bullish, a powerful positive signal to watch

Graphically, the $24,000 area is now an immediate resistance for Bitcoin, after which the $25,000 area could be quickly targeted. On the downside, $23,000 is the first potential support, but the first validated chart support is around $22,300.

Bitcoin, daily chart

Finally, note that the 50-day moving average of the is rapidly approaching the 200-day MA. However, a crossing of the MM50 above the MM200 days would constitute a powerful bullish signal known under the name of “Golden Cross”.

It is indeed important to note that Bitcoin marked its all-time high of November 2021, less than 2 months after this signal was last recorded.



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