📈 Bitcoin Back At $64K, But Another Trendline Waits Overhead
Recovered, into resistance. Bitcoin bounced 2.8% off Tuesday's $62,850 low as buyers defended the 200-day average, climbing back to $64,048. But the rally is walking straight into yet another descending trendline, and the Fed decides everything in hours.
📈 Where it stands:
Price: ~$64,048 (up 0.14%)
Bounced from: $62,850, defended the 200-day EMA
Overhead: a descending trendline plus the $65K to $67K supply
Fed decision: today, 2 PM ET
On the 1D, the read is a genuine bounce meeting a real ceiling. Buyers stepped in at the 200-day, a key long-term line, and reclaimed $64K. But price still sits below the diagonal trendline that keeps capping every push, and $65K to $67K remains dense supply. This is the fourth run at this zone. Nothing confirms a breakout until price closes above the trendline, and today's candle is hostage to one event.
That event is unusually unpredictable. The Fed announces at 2 PM ET, and traders assign roughly 35% odds to a rate hike, a rare level of indecision this close to a decision. Chair Warsh's tone on inflation matters more than the number itself. A dovish hold could clear $65K, a hawkish surprise sends BTC back toward $60K. ETF outflows over $500 million in four days and a $9.6 billion options expiry July 31 add fuel either way.
What to watch:
Break the trendline and hold $65K after the Fed, and $67K opens up.
Reject here and lose $62,850, and $60,000 comes back into play.
A bounce into resistance before a coin-flip Fed is not the moment to force size. Let the decision land, then act.
Fed clears the trendline, or a hawkish surprise back to $60K?
Not financial advice.
$BTC
$ETH
$BNB
Recovered, into resistance. Bitcoin bounced 2.8% off Tuesday's $62,850 low as buyers defended the 200-day average, climbing back to $64,048. But the rally is walking straight into yet another descending trendline, and the Fed decides everything in hours.
📈 Where it stands:
Price: ~$64,048 (up 0.14%)
Bounced from: $62,850, defended the 200-day EMA
Overhead: a descending trendline plus the $65K to $67K supply
Fed decision: today, 2 PM ET
On the 1D, the read is a genuine bounce meeting a real ceiling. Buyers stepped in at the 200-day, a key long-term line, and reclaimed $64K. But price still sits below the diagonal trendline that keeps capping every push, and $65K to $67K remains dense supply. This is the fourth run at this zone. Nothing confirms a breakout until price closes above the trendline, and today's candle is hostage to one event.
That event is unusually unpredictable. The Fed announces at 2 PM ET, and traders assign roughly 35% odds to a rate hike, a rare level of indecision this close to a decision. Chair Warsh's tone on inflation matters more than the number itself. A dovish hold could clear $65K, a hawkish surprise sends BTC back toward $60K. ETF outflows over $500 million in four days and a $9.6 billion options expiry July 31 add fuel either way.
What to watch:
Break the trendline and hold $65K after the Fed, and $67K opens up.
Reject here and lose $62,850, and $60,000 comes back into play.
A bounce into resistance before a coin-flip Fed is not the moment to force size. Let the decision land, then act.
Fed clears the trendline, or a hawkish surprise back to $60K?
Not financial advice.
$BTC
$ETH
$BNB