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globetrotter / Aloy
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2023-07-10 15:46:34

globetrotter on Nostr: BTC Price Waits for Expansion As Rate Hike Speculation Mounts The U.S. Federal ...

BTC Price Waits for Expansion As Rate Hike Speculation Mounts

The U.S. Federal Reserve is expected to raise rates by 25 basis points in the upcoming meeting. This anticipation has weighed on U.S. equities, causing key indices, including the S&P 500 and the Nasdaq, to end the week in negative territory.

Simultaneously, the cryptocurrency market mirrors this uncertainty. Bitcoin, the leading digital currency, has been oscillating between the 20-day EMA of $29,800 and the resistance level of $31,000. The bulls are determined to safeguard the 20-day EMA level.

If bullish sentiment persists, and traders successfully overcome the $31,500 resistance, we might witness an upward rally, possibly reaching $32,400 initially, and even soaring to $40,000.

However, the bearish camp isn't passive. They are expected to defend the resistance level and aim to pull Bitcoin below the support of $29,500. Should they succeed, we could see a drop to the 50DMA of $28,000.

#bitcoin #btc #plebchain #plebstr #nostr #grownostr
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