Bitcoin (BTC) price prediction today: BTC rejects $61K, can it break $63K?
Therefore, we think BTC can hold the grey box (between $56,500 and $58,200) between now and Wednesday's FED Decision and Press Conference. Then, following Powell's Press Conference, which we're expecting to be dovish, we think BTC and Crypto might then move higher and potentially break out of the downtrend and retest $63,400.
- Price has moved from the low $50k's to the local high of $60k, mostly driven by Spot buying and Shorts being squeezed.
- Funding Rates are close to flat/neutral here now.
- Open Interest has remained relatively flat and range-bound over the last few days.
Technical analysis:
- BTC bounced perfectly from the horizontal support at $52,800, and was driven up to $60k as over confident Shorts were squeezed.
- Price has now rejected just shy of $61k.
- Price is in a local uptrend and has now pulled back slightly to retest the potential support box between $56,500 and $58,200.
- Having moved higher, price was close to testing the downtrend line (red line). A breakout of the downtrend would likely see BTC retest $63,400.
- The next major horizontal resistance above price is at $63,400. We don't expect BTC to reclaim above this level in the short-term.
Cryptonary's take
Bitcoin has seen a nice relief rally over the past 10 days, however, price has put in lower highs and lower lows on a macro structure whilst volumes in the short-term have downtrended. The key event this week is the FED and the Press Conference. Currently, the market is just about pricing for the FED to do a 50bps Interest Rate cut, which we think the markets will actually like.Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.
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