Bitcoin (BTC) Price Analysis: Crucial Thresholds to Monitor in Current Market Volatility
- Bitcoin, the first and largest cryptocurrency by market capitalization, experienced a drop to lows of $56,500 earlier this week due to investor concerns about the Fed interest rate decision.
- Fed Chair Jerome Powell’s statement that interest rate hikes are not likely to be the Fed’s next move presently seemed to soothe the markets, leading to a rebound in Bitcoin’s value.
- On-chain analytics firm IntoTheBlock noted that Bitcoin’s drop below $57,000 brought it to the same levels of holders in loss as in similar drawbacks in the previous cycle.
Bitcoin’s recent drop and rebound highlight the ongoing battle between bulls and bears in the crypto market, with key supply and demand levels emerging as significant points of interest.
Bitcoin’s Key Supply and Demand Levels
IntoTheBlock highlights the key supply and demand levels to watch for Bitcoin as the crypto market faces uncertainty. These levels have emerged as points of interest, reflecting the ongoing battle between bulls and bears as Bitcoin seeks direction amid volatile market conditions.
Resistance at $62,000
The $62,000 level is seen as a significant resistance point, a price at which there are a substantial amount of sell orders. Here, Bitcoin faces significant selling pressure from traders looking to capitalize on short-term gains. This level represents a psychological barrier for many market participants, who view it as a potential point of reversal or consolidation in Bitcoin’s price trajectory.
Support at $58,000
Conversely, the $58,000 mark is viewed... Read the full article for FREE at COINOTAG!
