Bitcoin: holds steady, eyes $118K breakDuring the previous week markets were fully focused on Fed moves regarding the US monetary policy, in which sense, the crypto market was in the second view of investors. BTC was holding at higher grounds, but with relatively slower moves around the $115K up to the $116K levels. The FOMC meeting and Fed's rate cut shortly brought a higher move to the upside, where $117,8K had been reached, however, the price of BTC soon bounced back, ending the week modestly above the $116K level.
The RSI is still holding above the level of 50, showing that investors are still eyeing the overbought market side. The strength is evident within buying signals, however, it seems that the market is just waiting for the right moment to push the price of BTC further to higher grounds. The MA50 started a new round of divergence from MA200, indicating that the potential cross is certainly not coming anytime soon.
Friday brought a short correction of the price of BTC, after reaching the weekly highest level at $117,8K. It seems that the markets needed to test once again the $116K support level, in order to consolidate for the push toward the upside. This is what current charts are showing. For the week ahead, charts are pointing on the potential that the $118K resistance line could be tested. A move toward higher grounds remains under question at this moment. However, in case that BTC reverts back, below the $116K level, then it will open a path toward the much lower grounds in the near future, where the $113K could be tested. Still, considering that RSI had set the path toward the overbought market side, a move below the $116K seems unlikely at this moment.
