The Bitcoin Chart Shows A Possibility Of The Price Dropping To $22.6K!

Key points:

• The weekly Bitcoin chart shows a bearish trend, with the price currently below the crossover point of EMA 21 and 50.
• The daily chart shows a strong break of the upward trendline.
• The 4-hour chart indicates a bearish trend after the breakout of the wedge.

The Bitcoin chart shows a bearish trend!

The Bitcoin chart is currently showing a bearish trend. The weekly chart indicates that the price is currently below the crossover point of the EMA 21 and 50, which is a strong indication of a bearish trend. 

In addition, the daily chart shows that there was a strong break of the upward trendline yesterday, closing at around $25.1K. Today’s candle is still hovering around the $25K range, which is another indication of a bearish trend.

Looking at the 4-hour chart, we can see that a bearish trend has been created with a recent breakdown. There may be a few more candles testing the $25.4K range before continuing the downward trend. This indicates that the bearish trend is likely to continue in the short term.

Macro factors affect the Bitcoin chart!

The recent FOMC meeting has also had an impact on the Bitcoin price chart. The Fed decided to pause interest rate hikes after 10 consecutive increases. However, the Fed still plans to increase interest rates twice more. The pause on June 15th provided more time for the banking sector to breathe. 

The Fed Dot Plot shows that no Fed officials voted to decrease interest rates this year. The Fed predicts a 4.6% interest rate in 2024 and a 3.4% interest rate in 2025. These figures are higher than the previous prediction of 4.3% in 2024 and 3.2% in 2025.

According to the latest available information, two members of the FOMC believe that there is no need to increase interest rates anymore, while four members think that there is a need for one more increase. Nine members, which represents 50% of the members, believe that there is a need for two more increases. There are also two other members who think that there is a need for three more increases and one member who thinks that there is a need for four more increases.

These views have an impact on the market, as they give investors an idea of what the FOMC may do in the future. It is important to keep in mind, however, that the views of the FOMC can change over time, and that other factors, such as economic data, can also influence their decisions.

All these factors combined have contributed to the current market decline in Bitcoin. The accumulation of the giant whale in the market is also gradually decreasing, which is another bearish sign for the Bitcoin chart.

Taking all of this into account, it is likely that Bitcoin will continue to fall to a lower price level of $22.6K or lower. Investors should be cautious and consider the current market conditions carefully before making any investment decisions.

In conclusion, the current Bitcoin chart is showing a bearish trend, with the weekly, daily, and 4-hour charts all indicating a downward trend. This, combined with the recent FOMC meeting and the accumulation of the largest whale in the market gradually decreasing, suggests that Bitcoin is likely to continue to decline in the short term. Investors should be cautious and consider the current market conditions carefully before making any investment decisions.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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David

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