Bitcoin price levels to watch as ‘bullish fervor’ set to ‘cool down very quickly’
The post Bitcoin price levels to watch as ‘bullish fervor’ set to ‘cool down very quickly’ appeared on BitcoinEthereumNews.com.
With Bitcoin (BTC) experiencing a price rally partly triggered by the Federal Reserve’s interest rate cut, a cryptocurrency analyst is warning that the momentum might be short-lived. In this case, Bitcoin is approaching key price levels, as market momentum could shift triggered by technical factors and upcoming economic events, RLinda observed in a TradingView post on September 21. While highlighting how this momentum might stall, the trading expert raised concerns about the “conglomeration of strong resistances” between the $64,000 and $65,000 price range, which could create a roadblock. The analysis highlighted that this zone, which has yet to be fully tested, could halt Bitcoin’s advance. Bitcoin price analysis chart. Source: TradingView/RLinda Further resistance is expected from $68,000 to $69,000, increasing the chances of a stall in upward momentum. RLinda noted that the current price action shows a double top formation, a potential signal that the rally may be running out of steam. While Bitcoin’s global outlook on the higher timeframes remains somewhat bullish, showing potential for continued growth, the local view is less optimistic. In the shorter term, RLinda stated that Bitcoin seems to be facing increasing pressure as it nears the critical resistance zones. This divergence between the global and local outlooks creates uncertainty, particularly as traders eye key economic reports due next week. Economic events, such as a speech from the Federal Reserve chair, could significantly influence market sentiment. The experts stated that the current “bullish fervor” may evaporate quickly if these indicators offer surprises. “Trades may get nervous ahead of next week’s new news: SP PMI, DGP, DGO and Fed chief’s speech. If the indicators become sharply unpredictable, all the speculators’ bullish fervor may cool down very quickly and in that case we may meet the correction phase amid profit-taking,” the analyst said. Bitcoin price levels to…
Filed under: News - @ September 21, 2024 4:26 pm