BTC Tests $61,000 Range Ahead of FOMC Meeting
Current Market Activity: Bitcoin is currently testing the $61,000 top of its range support, a strong resistance level, just ahead of tonight’s FOMC meeting.
Key Levels:
Range High Support/Resistance: $61,000
Lower Range Support: $57,000–$58,000
Next Major Resistance: $64,000–$67,000
Reversal Zone: $66,000–$68,000 (Required for upside shift)
Potential Outcomes:
Unfavorable FOMC News: BTC could test the $57,000–$58,000 support.
Favorable FOMC News: A break through $61,000 may lead BTC to the next resistance at $64,000–$67,000.
Trend Analysis: BTC continues to form lower highs, indicating a broader downtrend. A break and reclaim of the $66,000–$68,000 zone would suggest a potential reversal, but caution is necessary due to the volatility expected around the FOMC meeting.
#Bitcoin #BTC #FOMC #MarketAnalysis #SupportAndResistance #Crypto #Volatility #TechnicalAnalysis #PriceAction
Key Levels:
Range High Support/Resistance: $61,000
Lower Range Support: $57,000–$58,000
Next Major Resistance: $64,000–$67,000
Reversal Zone: $66,000–$68,000 (Required for upside shift)
Potential Outcomes:
Unfavorable FOMC News: BTC could test the $57,000–$58,000 support.
Favorable FOMC News: A break through $61,000 may lead BTC to the next resistance at $64,000–$67,000.
Trend Analysis: BTC continues to form lower highs, indicating a broader downtrend. A break and reclaim of the $66,000–$68,000 zone would suggest a potential reversal, but caution is necessary due to the volatility expected around the FOMC meeting.
#Bitcoin #BTC #FOMC #MarketAnalysis #SupportAndResistance #Crypto #Volatility #TechnicalAnalysis #PriceAction
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