The BTC consolidation appears to be continuing for now, but this scenario could change if the Federal Reserve continues with a hawkish tone.
Bitcoin (BTC) remains stuck around the $30,000 and seems to not have enough momentum to break out of this range. Edward Moya, a senior market analyst at OANDA, argues that the asset price needs to a significant boost to move in a defined direction.
The consolidation of Bitcoin seems to continue for now, but this scenario could change if the bill advances or if the US Federal Reserve (Fed) continues with a “hawkish” tone. The Fed will meet this week. and although the consensus suggests an increase of 25 basis points in interest rates and no further hikes for the rest of the year, some central bank officials have warned investors that should not take for granted this more lax scenario.
As for the rest of the market, most of the ‘altcoins’ are experiencing falls, with the exception of dogecoin (DOGE), which registers an increase of 2%. Ripple (XRP), after an escalation bullish in the last week and a half, suffers a fall from 2% in session.
Bitcoin Price Prediction
This Monday, July 24, the BTC is trading below $30,000 at $29,214.88. Technical analysis indicates that Bitcoin is experiencing low volatility, leading to erratic price movements within a confined trading range.
A critical factor to look at is whether Bitcoin can break through the $29,600 levelwhat I could trigger a bullish rally for cryptocurrency.
On the other hand, a clear break below $29,600 It can lead to support levels around $28,450 and possibly even lower, around $27,450.
To facilitate an uptrend, exceeding the level of $31,350 will open the door to the next significant goal in about $32,500.
Given these price levels, it is vital to keep a close eye on the $29,600 level.
Source: Ambito
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