Bitcoin is at a critical juncture after failing to break key resistance, impacted by employment data and Fed comments on rate cuts.
If Bitcoin dips to $61,000, it would also test the long-term rising channel's lower boundary. This potential downside move is further emphasized by the 8-day and 21-day EMAs on the daily chart, which are nearing a bearish crossover. Technically, a breakout above resistance would be bullish. It would push Bitcoin's price above both its short-term and medium-term EMAs and trigger a breakout for the Stochastic RSI indicator out of the oversold zone on both daily and weekly charts. These technical signals would strongly suggest Bitcoin's uptrend is poised to continue.The Federal Reserve's hawkish stance – signaling fewer rate cuts and a preference for higher interest rates – is putting pressure on Bitcoin.
These positive developments, if they continue throughout the year, could bolster Bitcoin's long-term outlook. While short-term fluctuations are inevitable due to the ever-shifting macroeconomic landscape, the overall trajectory for Bitcoin could remain bullish.Institutions and billionaire investors worldwide are already well ahead of the game when it comes to AI-powered investing, extensively using, customizing, and developing it to bulk up their returns and minimize losses.
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