As the Federal Open Market Committee (FOMC) readies itself for a scheduled meeting on Wednesday, those within an array of financial verticals, including fans of Bitcoin, are keenly waiting in anticipation of unravelling the potential effect of the meeting’s outcomes. The decision the FOMC deems fitting regarding the federal interest rate will invariably have an impact on the cryptocurrency market, which currently teeters on the brink of uncertainty. Investors are torn between wondering if Bitcoin has already grazed its lowest or if there’s more turbulence to come.
Bitcoin, at the time of writing, stands at a value of $29,260 and boasts an outstanding 24-hour trading volume of a staggering $11.8 billion. The FOMC’s decision will undoubtedly have a sizeable impact on both Bitcoin’s price and overall sentiment in the cryptocurrency market.
Diving into the technical aspect of the market and peering at the possibility of a Bitcoin price prediction presents intriguing prospects. Bitcoin recently faced a significant plunge, narrowly skirting the $28,850 milestone. Despite this, a recent doji candle closure hovering just above this key level suggests possible waning bearish sentiment.
A combination of a doji candle along with a spinning top candle circling the $28,800 mark paves the way for potential bullish trends, or a market correction. Add the relative strength index (RSI) and moving average convergence divergence (MACD) indicators currently being in the oversold zone, and there seems to be an increase in the chance of a bullish reversal.
The seemingly minute level of $28,850 is a key point to monitor closely, as a break above it could see Bitcoin potentially challenging an immediate resistance level at $29,500. This also coincides with the 50-day exponential moving average and has served as paramount support and a double bottom level since July 24th, thus providing a fierce resistance. Should Bitcoin manage to eclipse this $29,500 level, the following targets could set their sights on $29,900 or even $30,300.
You’ll also want to keep your eyes peeled for the top 15 digital assets to lookout for in 2023. Compiled by experts from Industry Talk and Cryptonews, this list will offer you a professional viewpoint and precious understanding of these cryptocurrencies’ potential. Always remember to do your own research, as cryptocurrencies fluctuate with immense volatility and carry substantial risk.
Source: Cryptonews
