ApAfter the FED, is the party coming? – Yesterday, the FED decided to raise rates by 25 basis points. Following this decision, which the operators were waiting for, the share price bitcoin fell. A fall that will not have didn’t last long, since the price of Bitcoin is now at the same level as yesterday, just before the FOMC meeting. Traders who bet higher have been trapped. Can Bitcoin now recover?
This Bitcoin price analysis is brought to you in collaboration with CryptoTrader and its algorithmic trading solution finally accessible to individuals.
After the FOMC, the price of Bitcoin drops and leads to liquidations
The meeting was eagerly awaited by market players, and it resulted in a increase of 25 basis points. The operators were visibly oriented long (purchase), and the market went look for that cash.
In total, there were no less than $90 million liquidations on the buyer side following the FED meeting. it’s about the second biggest liquidation since early January.
The king of cryptocurrencies attracts capital
For several months, Bitcoin has been attracting capital. Bitcoin dominance is in a range between 40 and 47% dominanceand the course is back at the level of the resistance.
If dominance breaks the range to the upside, Bitcoin will continue to attract capital and altcoins will struggle to express themselves. On the other hand, if the course is done dismiss at the level of resistance, altcoins could take advantage of capital turnover.
BTC back to resistance level at $28,500
THE Bitcoin (BTC) dropped up to $26,600 before recovering. Buyers should now avoid going below this level.
For buyers, theobjective remains the same : to break resistance to $28,500. Indeed, this resistance has rejected the price, the sellers are defending this zone. If buyers manage to close above the last high at $29,100, Bitcoin could regain the psychological threshold at $30,000. The RSI continues to show descending lows and highs. In addition, the RSI is rejected at the level of the bearish trendline. In the short term, the momentum is in the hands of bears.
Bitcoin fell after the FED meeting, and long traders got liquidated. Indeed, the day of March 22 records 90 million liquidations on the buyers’ side. 24 hours later, the price of Bitcoin is already feedback in terms of resistance to $28,500. She will have to give in to see the king of cryptocurrencies at $30,000 again. THE Bitcoin reminds that he is the king of cryptocurrencies. It continues to attract capital at the expense of altcoins.
Do you want to delegate the trading of some of your cryptocurrencies? Through his optimized trading serviceCryptoTrader allows you to maximize your profits in a simple, diversified and fully automated way.