Critical support levels, such as the 21-week EMA at $55,200, should be monitored closely in case of a potential correction.has been stuck in a holding pattern for the past four weeks, with prices consolidating around the $63,000 mark. While the broader cryptocurrency market has seen steeper declines, Bitcoin has shown some short-term resilience.
Bitcoin's recent struggle to maintain prices above $70,000 raises concerns about a potential correction. Similar price oscillations occurred in 2021, suggesting a repeat could be on the horizon. While the Fed initially anticipated rate cuts, recent signals suggest a pause or even tightening. This hawkish stance could reduce risk appetite in the market, including cryptocurrencies.On the other hand, a weekly close above $70,000 could signal a positive outlook and a potential move towards $80,000. The cryptocurrency market is inherently dynamic and susceptible to various influences.
Now, InvestingPro users can do just the same from the comfort of their own homes with our new flagship AI-powered stock-picking tool: ProPicks.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »