Investors are still digesting speech from Fed Chair Powell and rhetoric “higher for longer”, looking closely to the latest released inflation gauge, the PCE. Although inflation is evidently slowing down in the US, still, there are fears that the Fed might still go for another rate hike till the end of this year, as the targeted 2% inflation will be a hard task even during the following year. Investors are looking at riskier assets, which could provide some profitability in current bearish markets, as equities and Treasuries are turning their trading trend to the downside. This is positive for Bitcoin, however, there is still high reluctance within the market to take a clear position. This is one of the main reasons why Bitcoin is still unable to reach the targeted $28K resistance line, as there is still no market strength to push the price to this level. Instead, BTC continued to move in a $26K - $ 27K range for the second week in a row.
BTC started the previous week around $26K level, and generally was supported by prevailing buying orders, which pushed the price to the highest weekly level at $27.2K. There was no strength for a move above this level, so BTC is ending the week around $27K. RSI finally managed to cross the 50 line, however, the indicator moved quite modestly to the level of 57. Moving average of 50 days is diverging further from its MA200 counterpart, confirming the cross occurred two weeks ago. The indication on a changed trend will reveal on charts in the coming month(s), however, there is still space for BTC`s moves toward the upside.
Low daily trading volumes are impacting price movements of the BTC, which means that some aspects of current technical analysis will come to fruition within a higher time-frame. Charts are clearly showing that the $28K resistance line needs to be tested, before BTC reverts to a downside. This is also supported through RSI indicator which is pointing that BTC is on a road toward the overbought side, however, it might take some more time than usual for this market side to be reached. At this moment, the probable movement frame for BTC in the week ahead might be $26K - $28K. In case of a reversal, the $ 25K support line is still pending another testing.
BTC started the previous week around $26K level, and generally was supported by prevailing buying orders, which pushed the price to the highest weekly level at $27.2K. There was no strength for a move above this level, so BTC is ending the week around $27K. RSI finally managed to cross the 50 line, however, the indicator moved quite modestly to the level of 57. Moving average of 50 days is diverging further from its MA200 counterpart, confirming the cross occurred two weeks ago. The indication on a changed trend will reveal on charts in the coming month(s), however, there is still space for BTC`s moves toward the upside.
Low daily trading volumes are impacting price movements of the BTC, which means that some aspects of current technical analysis will come to fruition within a higher time-frame. Charts are clearly showing that the $28K resistance line needs to be tested, before BTC reverts to a downside. This is also supported through RSI indicator which is pointing that BTC is on a road toward the overbought side, however, it might take some more time than usual for this market side to be reached. At this moment, the probable movement frame for BTC in the week ahead might be $26K - $28K. In case of a reversal, the $ 25K support line is still pending another testing.
