Bitcoin — The Bulls Have To Postpone The Party

2 days ago

2 days ago

Once again, the market poured euphoria over crypto traders on Friday within seconds. Bitcoin made a solid move above the crucial 58k level and subsequently targeted 60k.

Today, it feels like the day after the party: Bitcoin did not break the 60k barrier, and its current price action gives off mixed signals. Let’s break it down:

The Positives:

Bitcoin managed to move above the crucial 58k level, which has become a support zone (at least temporarily). This is a crucial threshold for any sustained upward momentum. Currently, 58k seems to be holding, providing a short-term base for the price.
Another positive sign is the Stochastic RSI. It has quickly fallen into oversold territory, which can often signal that the downside move may be exhausted and a reversal could be on the horizon.

The Negatives:

On the downside, Bitcoin failed to break through the important middle trendline around 60k. This level was a crucial resistance point that, if broken, could have given the market the second bullish signal it was waiting for.
Even more concerning is that Bitcoin was rejected twice around this level on the 4-hour chart, indicating that the market is struggling to gain bullish momentum beyond 60k.

What’s Next?
With the Fed’s rate decision coming up this week, volatility is almost a given. All eyes will be on the announcement, as it could be a major catalyst for Bitcoin’s next move. For now, Bitcoin remains in a neutral zone—not bearish enough to trigger a strong downtrend, but not bullish enough to break into new highs either.

The only prediction that can be made with confidence? We’re in for a volatile ride.

ben_walther

I'm Ben. Crypto lover, trader, and coder.

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