Bitcoin's price appears to be gaining momentum as it falls below $30,000. The cryptocurrency briefly dropped below $29,000 and made a low of $28,897 before rebounding slightly to $29,115.

Bitcoin Regains $29,000 Support – So What Are We Waiting For Now?

Even though Bitcoin has regained the $29,000 level, it is facing resistance projected especially from the 50-day Exponential Moving Average (EMA) at $29,362. According to the Moving Average Convergence Divergence (MACD) indicator, the least resistance is to the upside. However, short traders should be careful when the MACD (blue line) crosses below the red signal line.

Especially due to the upcoming interest rate hike decision, Bitcoin's price is likely to fall below $29,000 and fluctuate between $28,000 and $25,000. Bitcoin's price could continue its decline or rise above $30,000 depending on how it responds to the interest rate hike this week.

Moreover, traders need to closely watch the 100-day EMA (blue) in addition to the $29,000, $28,000, and $25,000 support levels. This could help the bull market recover before it gets worse.

Bitcoin Price Technical Outlook Before the US Federal Reserve Meeting

Investors are acting cautiously due to the possibility of the US Federal Reserve increasing the interest rate. As previously mentioned, the Federal Open Market Committee (FOMC) will hold a meeting on Tuesday as the Federal Open Market Committee (FOMC) faces economic stability at risk of inflation and there is a possibility that the interest rate will be increased by 0.25%.

Alongside recent economic indicators, a company called CryptoQuant notes that the Bitcoin mining hash rate is stagnating, but this may be temporary.

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