BTC is not an easy path for the most inexperienced!!
- "Bitcoin has depreciated by -12.37% since its peak on Thursday, March 14th, at 73.7K. BTC/USDT has fallen to the support level of 64.3K (25-period daily exponential moving average). From that level, buyers have defended the cryptocurrency against further declines, and it has recovered to the 69K level.
- At the time of writing this article, the flagship crypto is trading at 67.4K.
- If it closes above 69K, it could continue the bullish trend, aiming for the resistance at 73.7K and targeting the next level of 80K.
Will central bank meetings impact BTC's price?
The **Bank of Japan** is debating the possibility of ending its negative interest rate policy in its monthly monetary policy meeting. This comes after significant wage increases accompanying inflation. On the other hand, the **Federal Reserve** of the United States will keep its interest rates unchanged in its meeting this week, maintaining its benchmark rate at a 23-year high. Additionally, the **Bank of England** might pause rate hikes in its meeting this week, as August inflation data has been better than expected. In summary:
- Bank of Japan: Possible end to negative rates.
- Federal Reserve: Rates unchanged.
- Bank of England: Possible pause in rate hikes.
The daily technical analysis of BTC/USDT shows the MACD indicator with an ongoing red valley, which could lead to further declines for Bitcoin. However, if the 66.8K support level (0.786 Fibonacci) remains unbroken by the price, with a daily candle close above it, the price could experience a new pump toward new highs. The 25-period exponential moving average on the daily chart acted as support during the drop on Saturday, March 16th, providing relief to HOLDERS after less experienced crypto participants faced liquidation."
"THIS IS NOT INVESTMENT ADVICE AND SHOULD NOT BE TAKEN AS SUCH. EACH INDIVIDUAL IS RESPONSIBLE FOR THEIR ACTIONS AS A TRADER, INVESTOR, ETC..."