BTCUSD: Near Support Zone, Trend Reversal Ahead?
BTCUSD is trading near the crucial support level at $53,000, where the price has previously reacted strongly. The downtrend remains dominant with a clear downward trendline on the chart.
However, there is a possibility that the price may break the downward trendline and rise to higher resistance levels, aiming for $58,201 if enough momentum is gained.
The 34 and 89 EMA currently act as resistance, but if the price surpasses these levels, a bullish signal may emerge.
FED’s monetary policy and cryptocurrency regulations are also having a major impact on the market. If the FED maintains its tightening stance, Bitcoin could face more downward pressure. However, changes in regulations could cause unexpected volatility.
However, there is a possibility that the price may break the downward trendline and rise to higher resistance levels, aiming for $58,201 if enough momentum is gained.
The 34 and 89 EMA currently act as resistance, but if the price surpasses these levels, a bullish signal may emerge.
FED’s monetary policy and cryptocurrency regulations are also having a major impact on the market. If the FED maintains its tightening stance, Bitcoin could face more downward pressure. However, changes in regulations could cause unexpected volatility.
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