This week, traders are anxiously anticipating the Federal Open Market Committee (FOMC) meeting, where a final 25 basis points rate hike is expected, indicating the end of the current rate cycle. Currently, #bitcoin volatility remains subdued, resulting in erratic fluctuations within its trading range.
On The Daily Chart:
Currently, on the daily timeframe, Bitcoin is experiencing a consolidation phase, characterized by trading within a tight range. The resistance level is established around $31,400, while support is holding at approximately $29,600.
On July 20th, there was a notable high wave candlestick pattern observed at the $29,640 support level. In the subsequent three days, Bitcoin's price has remained within the range of this candle, leading to a period of narrow consolidation.
On The 4-Hour Chart:
Bitcoin's price action is displaying a megaphone pattern. This indicates a lack of definitive direction from buyers and sellers, creating uncertainty in the market sentiment regarding the potential trend. Following a recent decline, the value of BTC has returned to a crucial support level at $29,640, coinciding with the support trendline.
On July 20th, a high wave candlestick pattern with a long wick and tail was observed at the $29,640 support level. For the past three days, Bitcoin's price has been trading within the range of this candle, leading to a period of narrow consolidation.
According to Coingabbar Price Analysis, the market capitalization of #BTC stands at $579,034,277,522. The 24-hour trading volume is approximately $9,311,127,204.
KEY LEVELS :
RESISTANCE LEVEL : $30,100-$30,500
SUPPORT LEVEL : $29,500-$29,000
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
