Bitcoin has broken below the lower boundary of a rising channel and retested the support level around 91K.
Since last Tuesday, prices have rebounded, climbing until yesterday when they tested the rising channel, which had shifted to serve as resistance. However, the upward momentum faltered, and Bitcoin failed to break higher, ultimately falling below the rising trend line.
The market's next big move will likely hinge on today's FOMC minutes. Depending on the outcome, further selling pressure could emerge.
The key question is whether the 91K support level will hold. A breach of this level could trigger a more significant sell-off.
Since last Tuesday, prices have rebounded, climbing until yesterday when they tested the rising channel, which had shifted to serve as resistance. However, the upward momentum faltered, and Bitcoin failed to break higher, ultimately falling below the rising trend line.
The market's next big move will likely hinge on today's FOMC minutes. Depending on the outcome, further selling pressure could emerge.
The key question is whether the 91K support level will hold. A breach of this level could trigger a more significant sell-off.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.