Bitcoin, which gained volatility with the announcement of the Fed interest rate decision ( BTC), has not yet determined its course.
Announcing the interest rate decision as 25 basis points increase on July 26, Fed created a great dynamism in the cryptocurrency market. Pricing hard between 29,000 – 29,700 during the day BTC also heavily impacted liquidation data. However, cryptocurrencies, which paused after the announcement of the interest rate decision, have not yet decided in which direction to move.
Although the Fed’s move in the direction of the expectation momentarily carried the BTC price up, this situation could not be permanent. Testing a minor level of resistance BTC , with an average of $ 500 retracement, finds buyers at $ 29,188. Being able to exceed $29,500 and maintain it will create a positive outlook for both the BTC and altcoin market.
Bitcoin (BTC) chart analysis
The leader of cryptocurrencies, which started to withdraw from $ 29,700, is currently trading at $ 29,188. BTC, which is in the middle of the support-resistance zones, can be started to move towards $ 30,300 – $ 31,436 and $ 32,409, respectively, as long as it exceeds $ 29,700 in volume. In this process, the volatility created by futures at $31,000 can be decisive.
The failure of $28,900 to hold by buyers or the spread of FUD news about the industry will trigger decreases in BTC. The points that can be followed as support for BTC are 28,900 – 28,040 – 27,460 and 26,600 dollars, respectively. For now, the price is fluctuating in the intermediate zone. After a possible rise to $29,500 – $29,700, clearer data on the direction will emerge.
