© Reuters
Investing.com – After rebounding Wednesday evening following the dovish Fed meeting, the cryptocurrency has stabilized, and its short-term trend remains uncertain this Friday morning, with the cryptocurrency hesitating to stay above $43,000.
Remember that yesterday was animated by a meeting of the ECB which turned out to be much less dovish than that of the Fed the day before. And although ECB policy has much less influence on Bitcoin than that of the Fed, the ECB’s cautious tone undoubtedly played a role in BTC’s hesitation yesterday.
As for this Friday, investors will need to monitor some key macroeconomic data, including the New York Fed index, industrial production, and the services PMI.
However, this data would have to prove significantly higher than expected for expectations about the next Fed meetings to be affected, and therefore for Bitcoin to react substantially.
In this regard, note that the Investing.com Fed rate barometer currently shows a probability of more than 70% that the Fed will lower its rates in March 2024, expectations down from more than 85% just after the Fed meeting, which also explains Bitcoin’s hesitation since yesterday. As for them, they went from 18.6% to 12.4%.
Important short-term technical thresholds for Bitcoin
From a graphical point of view, we can now identify a triangle of indecision in hourly data.
Regarding the important thresholds, the threshold of $42,000, as well as that of $41,000, and the zone formed by the threshold of $40,000 and the December 11 low at $40,300 will be the first potential supports to take into account.
On the upside, the $43,000-43,500 area is immediate resistance, before $44,000, then the area formed from the December 8 high at $44,700 and the $45,000 threshold.