Bitcoin Weekly Update: Navigating Uncertain Waters
Last week, Bitcoin (BTC/USDT) went to our previously identified key zones. On Friday, BTC touched the anticipated range of 60,200 to 62,000, a critical point of interest highlighted in last week’s analysis. The weekly candlestick, however, closed below the 64,000 high, signaling another lower high in the chart.
As we step into a new week, Bitcoin is already hinting at a potential downward shift. The real question for traders and investors now is: can BTC defend the 55,000 to 56,000 range? And if that fails, will the 52,000 support zone hold strong?
But that’s not all. Wednesday, 18/2024 brings with it a significant market mover—the Fed’s much-anticipated news release. A potential rate cut could be on the horizon. The big question: how many basis points will the cut be, and what ripple effect will it have across the crypto and broader financial markets?
Prepare for high volatility as the market braces itself for a wild ride. Could this rate cut be the lifeline to prevent the dreaded “September effect”? Stay tuned, as this week promises to be pivotal for both Bitcoin and the wider market sentiment.
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