Friday, March 31, 2023

Bitcoin Awaits Powell Speech From US Fed As Sellers Cement Resistance At $23,500

Bitcoin (BTC) maintained its active trading range on Wall Street on February 1st as the market looked to key macroeconomic data for the day.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

$23,500 Becomes the Level to Beat for Bitcoin Bulls

Data from Cointelegraph Markets Pro and TradingView tracked the BTC/USD pair as it continued to move in a tight corridor around the $23,000 level.

An upcoming hike in interest rates and comments from the US Federal Reserve worried risk-on asset traders, which could trigger new volatility in line with previous months.

Fed Chairman Jerome Powell was scheduled to speak at 2:30PM ET today.

on the Binance order book, Resistance moves higher on the day, price target expands if any catalysts move the market.

Content Indicators On-Chain Analysis Resource he pointed that “the entire BTC buying liquidity ladder has been pulled out of the active trading range and extended to $23,500.”

“Offsetting liquidity paves the way for volatility in both directions”He remarked, warning opportunistic traders, “not to get caught.”

Bitcoin Awaits Powell Speech From Us Fed As Sellers Cement Resistance At $23,500
Data from the order book of the BTC/USD pair (Binance). Source: Material Indicator/Twitter

The Game of Trades investment research resource too Told Market reaction will be “more significant” than confirmation of a rate hike, with markets almost unanimously expecting 25 basis points.

“Volatility ahead,” agreed Martun, a contributor to on-chain analytics platform CryptoQuant. al response For content indicator data.

U.S. stocks floated at the open, buoyed by January’s return on the momentum of cryptocurrencies; The S&P 500 posted its best monthly gain in four years.

One trader sees a “potential retest” of $1,600

On the topic of where BTC’s price could slide, Cointelegraph contributor Michael van de Poppe looks to the mid-$21,000 region.

The cloud of resistance below $24,000, he said, was now “critical” – and failure to break through it could have consequences.

“Bitcoin rejects the critical area through which we can assume that we will need to break the $23,300 level if we want to continue,” Told to his Twitter followers.

“Otherwise, I anticipate a sweep of $22,300 and expect to see $21,600 as a potential test here.”

Bitcoin Awaits Powell Speech From Us Fed As Sellers Cement Resistance At $23,500
Annotated chart of the BTC/USD pair. Source: Michael van de Poppe/Twitter

For his colleague Jibon, a new recessionary test was also to come. Using Wyckoff analysis, he argued that bitcoin has just seen its peak of gains.

“Volume doesn’t support this rally. Textbooks say: Price up, volume down = cheating,” part of the warning move on Twitter on the topic.

The views, opinions and opinions expressed here are solely those of the authors and do not reflect or represent the views and opinions of Cointelegraph.

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