Bitcoin Price Analysis: BTC Consolidates at $60K Level, Impulsive Move Expected Soon
Bitcoin’s price continues to hover around the $60,000 mark, but an impulsive movement may be on the horizon.
Technical Analysis
By Edris Derakhshi (TradingRage)
Daily Chart
On the daily timeframe, Bitcoin has yet to recover decisively above the $60K level following its sharp drop from the 200-day moving average, currently situated near $63K. After rebounding from the $52,500 mark, Bitcoin has once again tested this crucial range. For the market to initiate a new rally, it must first break above both the $60K level and the 200-day moving average.
![Source: TradingView]
4-Hour Chart
Examining the 4-hour chart reveals that Bitcoin is at a critical juncture, testing a bullish trendline that has been respected for several weeks. If this trendline holds, a rise above the $60K level becomes highly likely. Conversely, a breakdown could lead to a decline toward $57K and potentially down to $53K in the coming weeks.
![Source: TradingView]
On-Chain Analysis
By Edris Derakhshi (TradingRage)
Bitcoin Funding Rates
The futures market significantly influences Bitcoin’s short-term price movements. Analyzing the sentiment in this market can provide valuable insights.
The Bitcoin funding rates metric measures whether buyers or sellers dominate the futures market. Positive values suggest bullish sentiment, while negative rates indicate fear and bearishness. Recently, the funding rates have dropped as many futures traders have either been liquidated or shifted to a selling stance during this price consolidation and correction.
While this bearish sentiment is evident, it could also signal that the market is no longer overheated. With enough spot buying pressure, a sustainable rally may be imminent.
![Source: CryptoQuant]
The post Bitcoin Price Analysis: BTC Dips to $58K in Anticipation of This Week’s Fed Rate Decision appeared first on CryptoPotato.
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