On Tuesday, Bitcoin (BTC) fell by 2.38%. Reversing a 0.42% gain from Monday, BTC ended the day at $45,502.
A bullish morning session saw Bitcoin strike a mid-day high of $47,188 before hitting reverse. The reversal saw Bitcoin slide to a final hour intraday low of $45,383.
Bitcoin fall through the day’s First Major Support Level at $45,532.
A bullish Sunday session saw the Bitcoin Fear & Greed Index move back to 52 before the latest pullback.
The index fell back to 48/100 on Tuesday. Despite the decline, the index remained within the ‘Neutral’ zone.
For a Bitcoin return to $50,000, the index would need to return to the ‘Greed’ zone.
On Tuesday, hawkish FOMC member chatter weighed on riskier assets ahead of today’s FOMC meeting minutes.
FOMC member Brainard talked of reducing the balance sheet at a faster pace to curb inflation.
The NASDAQ 100 slid by 2.26% in response to the hawkish chatter.
At the time of writing, Bitcoin was down by 1.06% to $45,021. A bearish start to the day saw Bitcoin fall to an early morning low of $44,465.
Bitcoin fell through the day’s First Major Support Level at $44,861 before returning to $45,000 levels.
Bitcoin will need to move through the day’s $46,024 pivot to make a run on the First Major Resistance Level at $46,666. Bitcoin would need broader market support to break out from $46,500 levels.
In the event of another extended rally, Bitcoin could test the Second Major Resistance Level at $47,827 and resistance at $48,000. The Third Major Resistance Level sits at $49,634.
Failure to move through the pivot would bring the First Major Support Level at $44,861 back into play. Barring an extended sell-off, Bitcoin should avoid sub-$44,000. The Second Major Support Level at $44,219 should limit the downside.
Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. Bitcoin continues to sit at the 100-day EMA, currently at $45,026. This morning, BTC narrowed to the 100-day EMA, testing support. The 100-day EMA narrowed to the 200-day EMA, which was BTC negative.
A move back through the 50-day EMA would support a return to $48,000 levels.
This article was originally posted on FX Empire
President Bola Ahmed Tinubu has approved the reconstitution of the executive management teams for 12…
The Minister of the Federal Capital Territory, Nyesom Wike, has revoked 762 plots of land…
Pan-Yoruba socio-cultural group, Afenifere, has urged the Nigerian police to redeem their integrity by promptly ending…
Senate President Godswill Akpabio has urged President Bola Tinubu to warn intransigent ministers in his…
Bankit Africa, a rapidly growing Pan-African Fintech company, is proud to announce its official launch…
The disclosure was made in NERC’s December 2024 Multi-Year Tariff Order (MYTO) report, published on…