Bitcoin Technical Analysis: What Is The Picture After FED Reports?

The expected US Federal Reserve (FED) reports on the leading cryptocurrency Bitcoin have been announced. How is the latest situation in Bitcoin after the reports announced that some members voted for an interest rate increase of 0.50 points? The selling pressure in Bitcoin before the data was disclosed yesterday had left its place in a somewhat optimistic mood today. Bitcoin, which started the day at $ 24450 yesterday, fell to $ 23574 with the selling pressure during the day and closed at $ 24182 with a loss of 1.10% with the news flow during the day. With this closing, Bitcoin must hold on to the falling trend that it has broken up again.

Bitcoin, which started today at $ 24182, is trading at $ 24498 with an increase of 1.31% at the time of writing.

Bitcoin Chart Analysis

Almost in the last week, Bitcoin, which has repeatedly tested the 25211 resistance level and retreated with the sales from here, broke the downward trend it started in August 2022. Believing under the movement again with the selling pressure before the FED reports yesterday, Bitcoin seems to be holding on to the trend as of now after the FED minutes. As long as it stays on the trend, it may try to break the 25211 resistance level again. With the resistance level breaking up, we can see a rapid rise toward the 28000 level in Bitcoin. In case of possible pullbacks, $25124, the Downtrend line, and $23472, the EMA21, can be followed as support points.

Bitcoin Technical Analysis: What Is The Picture After FED Reports?

What is the latest situation in Altcoin?

The latest situation in some altcoins;

  • Ethereum: up 1.46% at $1667,
  • Solano: up 1.16% at $24.44,
  • Avax: up 1.48% at $20.62,
  • Ripple: up 1.13% at $0.3966,
  • BNB: It is trading at $313.2, down 0.26% at the time of writing.

This article does not contain investment advise or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when deciding.

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Dareen Cone

Experienced Journalist with a demonstrated history of working in the financial services industry. Skilled in Management, Banking, Strategic Planning, Business Development, and Teamwork. Strong community and social services professional with a Bachelor's Degree focused in Economics.

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