Bitcoin Eyes ‘Golden Cross’ Ahead of Fed, Key Economic Data: What Lies Ahead?
Bitcoin has been in a consolidation phase around the $34,000 level following last week's rebound, maintaining its recent gains within a pivotal price range.
In our previous analysis, we noted that after breaking through the psychological resistance range spanning from $30,000 to $31,000 on substantial trading volume, Bitcoin advanced into the Fibonacci expansion zone between $33,000 and $35,000.
This zone corresponds to our tracking of the short-term downtrend. In the present scenario, it's evident that the cryptocurrency has temporarily halted its upward trajectory within this range.
While buyers and sellers enter the market monitoring mode in this zone, the BTC price continues to remain at the $34,000 limit. The next move may come after this week's Fed decision. The short-term outlook shows an intermediate resistance at $34,500 on average.
Failure to overcome this area may cause a pullback to $ 33,200 during the week. This price level is supported by the 8-day EMA and Fib 1,272. In addition, the Stochastic RSI, which started to lose momentum from the overbought level, is also a harbinger of a short-term pullback.
Nevertheless, it can be said that the positive outlook will be maintained as long as the indicator remains above 80. On the other hand, in daily closes below $33,200, it may become possible to test the July peak of $31,400.
In the event of a new wave of demand, if the resistance price, which corresponds to approximately $ 35,500, can be broken with daily closures, we can see that Bitcoin may form a new path towards $ 42,000.
However, the long-term chart shows another important resistance line on this path.
Let's check the weekly chart for a longer-term perspective. Bitcoin has been in a bear market for two
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