BTC Rejects $70K: Recovery Fails Following Fed AnnouncementBitcoin witnessed a strong rise above the $68,500 resistance area. It tested the $70,000 level, but after the Fed announced the interest rate hold at 5.5%, a strong bearish reaction was observed. Bitcoin started a new decline from the $70,000 resistance zone, and the price is now trading below $68,550 and the 100-hour simple moving average (SMA).
Uptrend Line and Support:
There is an uptrend line forming with support at $67,500 on the hourly chart of the BTC/USD pair. The price is facing resistance near the $68,250 level. This means there is sufficient buying pressure to prevent the price from dropping further. This level is considered a strong support based on previous price movements.
Resistance Levels:
The price is struggling to rise above the $68,250 level. This level acts as a barrier to upward price movement. Therefore, the first major resistance can be at $68,550, as this level is a key resistance point where the price is expected to face more difficulty in breaking through.
Fibonacci Level:
The 50% Fibonacci retracement level is used to identify potential support and resistance levels after a significant price move. In this case, the 50% Fibonacci retracement of the drop from the $69,969 high to the $67,148 low indicates that the $68,550 level represents half of the downward move between the high and the low, making it an important resistance level.
Next Important Resistance:
The next key resistance could be at $69,200, a level where the price might face strong selling pressure, making it harder for the price to rise. This level is an important resistance point to watch. A clear move above this resistance could push the price towards $70,000, a significant psychological level where investors might expect increased selling pressure. Further gains could drive Bitcoin towards the $71,200 resistance, which could act as a temporary stop or barrier to upward price movement. If this resistance is broken, it indicates that the market has sufficient strength to continue rising.
Trading Recommendations:
Buying Opportunity: If Bitcoin succeeds in rising above the $68,550 level, buying positions can be opened with targets at $69,200 and $70,000. As mentioned, the $70,000 level is a major psychological barrier and strong resistance in the market. It is crucial to place stop-loss orders below $68,000 to manage risk.
Selling Opportunity: If the price fails to stay above the $67,200 support level and drops below it, this indicates weak buying pressure and increased selling pressure. In this case, the price could drop to $67,000, a nearby support level that might see some temporary stability. If the downtrend continues, the next target would be $66,000, a major support level that could offer a buying opportunity or other trading decisions.
Investors should always keep an eye on global economic events and any statements from the Federal Reserve, as they significantly influence price movements. Relying on both technical and fundamental analysis is essential for making wise investment decisions in the volatile cryptocurrency market.
Btcupdate
Bitcoin Longterm View.Bitcoin long-term chart analysis
In 2013, the price of Bitcoin broke its previous ATH and moved approximately 3700% after the breakout. In 2017, Bitcoin's price increased by over 1450% after breaking its previous ATH. In 2021, Bitcoin's price rose by more than 250% after the previous ATH breakout.
This year, the price broke the 2021 ATH. We can expect a bullish move from the current level, with a potential 100-200% increase in Bitcoin this year.
BTC Urgent Update!!!BTC has shown an 8% rejection after reaching as high as $72k. The price is currently holding strong support at $66k (50EMA) with lower support at FWB:65K and $60k.
In this daily timeframe, BTC must hold the current support to continue a bounce back. A daily close below FWB:65K will invalidate the bounce and likely drop the price close to $60k.
Be vigilant and do not FOMO. Do your own research before investing.
Regards,
Team Dexter.
BTC big move is expected soon !BTC / USDT 1D
– BTC is in accumulation range since 100 days !
– I think the big move is coming very soon
–Since the price is holding well just below resistance the chance of breakout is high
– There is also an inverse H&S printed which is good bullish pattern
Note : we can see strong fluctuations near resistance line but price needs to break and hold above it to maintain upward trend
Do u agree ?
Best of wishes
btcPlan 1
From this first resistance, we play a little and the blue movement is done
Plan 2
We have Time News today and Green Plan
Important note
We have three important areas where I don't do a lot of shopping
We are in a short-term downtrend
If the important resistance areas are not broken, the yellow lines are in sight
We have news
It is a personal opinionPlan 1
From this first resistance, we play a little and the blue movement is done
Plan 2
We have Time News today and Green Plan
Important note
We have three important areas where I don't do a lot of shopping
We are in a short-term downtrend
If the important resistance areas are not broken, the yellow lines are in sight
We have news
It is a personal opinion
BITCOIN WILL FALLlast night the BTC broke the area of validation.Breaking such a strong trend line indicates that the marker will be fallen to a nother demand.so we will able to buy at around first demand around area 67000 then we have to see the reaction around that area .If its a corrective one we will sell again in premium, if it rejects hard, we will buy btc at cheap price.that is the BTC plan
BTC will soon reach 73,000
From the daily level, Bitcoin has completed the support-pressure conversion. The support below is the previous small high point, so the overall trend is upward.
The trading strategy can go long at the support level of 67500-68000, and the target level is 72000-73000.
If you agree with my point of view, remember to pay attention, and leave a message if you have any questions
Bitcoin New Update
Next Best Current Support Is Between ($64500 - $66600)
BreakDown Will Lead A Flash Crash Till $60K With A Possible Wick
Holding The Support Can Test The ATH($73777) Again
Till Then,
Make Sure To Use Proper StopLoss Bitcoin (Update)
Next Best Current Support Is Between ($64500 - $66600)
BreakDown Will Lead A Flash Crash Till $60K With A Possible Wick
Holding The Support Can Test The ATH($73777) Again
Till Then,
Make Sure To Use Proper StopLoss
Investment and Hedging Strategies in the Bitcoin MarketRecently, Bitcoin has experienced significant volatility, sharply declining after the flash crash on June 6. Prices fell from the $72,000 level to below $70,000, leading to substantial selling pressure. However, positive trends can be seen in the market as U.S. ETF issuers are buying a lot of Bitcoin, which boosts confidence in the long-term outlook of the cryptocurrency.
Key Points:
Strong Support at $66,000: Breaking this level may indicate a shift in the downward direction.
Resistance at $74,000: Surpassing this level could drive prices to new highs.
ETF Purchase Volume: Adding 25,729 bitcoins in the first week of June enhances confidence in the long-term upward trend.
Recommendation:
For Short-Term Investors:
Due to high volatility and current selling pressure, it is advisable to wait and see if the support at $66,000 holds. If the support level is broken, it may be wise to avoid entering the market until prices stabilize.
For Long-Term Investors:
Price corrections can be used as opportunities to add more Bitcoin to investment portfolios. It is smart to invest gradually and take advantage of price drops to make purchases.
Hedging Strategies:
Diversification: Diversification is a hedging strategy aimed at reducing risk by spreading investments across various assets. Instead of relying solely on Bitcoin, investors can diversify their investments into other digital assets like Ethereum, Litecoin, or even traditional assets like stocks and bonds. This diversification can reduce the negative impact of Bitcoin’s volatility on the overall portfolio.
Futures Hedging: Futures hedging involves buying or selling Bitcoin futures contracts to protect the portfolio from price fluctuations. If an investor owns Bitcoin and wants to protect against price drops, they can sell Bitcoin futures. On the other hand, if they expect prices to rise but do not own Bitcoin, they can buy futures to benefit from the expected increase.
Risks Associated with Hedging Strategies:
High Costs: Hedging with futures involves paying fees and spreads, increasing overall costs.
Systemic Risks: Futures contracts can be affected by economic and political events, leading to unexpected losses.
Technical Knowledge: Hedging with futures requires a deep understanding of the markets and how futures contracts work.
Hedging strategies provide protection against market volatility but must be used carefully and with a clear understanding of the potential risks.
Diversification and futures hedging can be effective tools for risk reduction, but it is essential to understand the costs and risks associated with these strategies before implementation.
Bitcoin's Stalled Breakout: A Test of Bullish Resolve
Bitcoin (BTC) ended last week with a whimper, failing to decisively break out of a bullish technical pattern and overcome key resistance levels. This has left many investors questioning the short-term trajectory of the world's leading cryptocurrency. After a price drop on Friday and a lackluster weekend, what can we expect from Bitcoin in the coming days and weeks?
The Failed Breakout and Bullish Doubts
The recent price action centered around a prominent technical pattern known as a bull flag. This pattern typically precedes a bullish continuation, with a price consolidation period following an uptrend. However, Bitcoin's attempt to break above the flag's resistance level at the end of the week proved unsuccessful. This failed breakout has cast doubt on the immediate bullish momentum and raised concerns about a potential reversal.
Technical Indicators: A Mixed Bag
Adding to the uncertainty are technical indicators that paint a conflicting picture. Some, like the Relative Strength Index (RSI), are hovering around neutral territory, suggesting neither overbought nor oversold conditions. This could be interpreted as a sign of potential buying pressure waiting to be unleashed.
However, other indicators like the "death cross" – formed when the 50-day moving average dips below the 200-day moving average – have emerged, historically hinting at a possible short-term price decline.
The ETF Inflow vs. Hedge Fund Shorting Tug-of-War
Beyond technicals, a fascinating dynamic is playing out between two opposing forces in the market: inflows into Bitcoin Exchange-Traded Funds (ETFs) and short positions taken by hedge funds.
On the bullish side, significant inflows into Bitcoin ETFs have been observed. This suggests institutional interest in the cryptocurrency remains strong, potentially providing a buying force that could propel the price upwards.
However, this optimism is countered by reports of hedge funds taking large short positions on Bitcoin. These bets essentially profit if the price falls. This shorting activity could act as a headwind, potentially hindering any significant price gains.
Short-Term Bounce vs. Long-Term Trend
While a short-term bounce from current levels seems likely, predicting the long-term direction of Bitcoin remains a challenge. The failed breakout and bearish technical indicators raise concerns about a potential downward correction. However, the underlying fundamentals, including strong institutional interest and Bitcoin's limited supply, suggest long-term bullish potential.
The Bottom Line: Patience and a Multifaceted Approach
For investors, the current situation necessitates a patient and multifaceted approach. Monitoring both technical indicators and on-chain data to gauge investor sentiment can provide valuable insights. Additionally, staying informed about regulatory developments and broader market trends is crucial, as these external factors can significantly influence Bitcoin's price.
Ultimately, while the immediate future of Bitcoin is uncertain, one thing remains clear: the battle between bulls and bears is far from over. The coming weeks will be telling, revealing whether Bitcoin can gather enough strength to overcome the recent setbacks and continue its upward trajectory.