Bitcoin Trades Below $90,000 Amid Fed Rate Decision
- Cautious Market Sentiment: Bitcoin is trading around $87,900, down approximately 4% weekly, as cautious sentiment prevails ahead of the Fed's interest rate decision, leading investors to avoid risk-taking.
- Low Trading Volumes: Glassnode's Market Pulse report indicates that spot trading volumes remain low, suggesting a consolidation phase rather than a strong upward trend, which exacerbates market fragility.
- Institutional Outflows: Global crypto ETPs saw outflows of $1.7 billion last week, with US spot Bitcoin ETFs recording net outflows for five consecutive days, totaling over $1.3 billion, indicating weakened demand for Bitcoin.
- Macroeconomic Impact: Investors interpret Bitcoin's position below $90,000 as a repricing of interest rate expectations, with high rates anticipated until 2026, increasing competition with US Treasury bonds offering nearly 4% yields.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36466.231 | 48233.115 | 61201.981 | 72968.865 | 85937.731 | 97704.615 | 110673.481 |
| Fibonacci | 48233.115 | 57682.172 | 63519.809 | 72968.865 | 82417.922 | 88255.559 | 97704.615 |
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