Analyzing the 4-hour BTC/USDT chart with technical indicators present, such as Stoch RSI and MACD, in addition to the support and resistance lines, we can identify the following:
Technical Aspects:
1. Current Price: Bitcoin is around 60,365.34 USDT.
2. Major Resistance: Levels near 62,139.57 and 63,621.93 USDT.
3. Support: Support levels are marked at 59,189.69 and 57,399.97 USDT.
4. General Trend: The chart shows a break of the uptrend (yellow line) after a period of accumulation and decline, but currently the price is trying to recover.
5. Indicators:
Stoch RSI: It is moving at mid-range levels, which suggests that the market is neither overbought nor oversold, leaving room for movement in both directions.
MACD: It has a mixed configuration, possibly suggesting divergence between price and momentum, and this could lead to volatility.
Macroeconomic Data - Federal Reserve (FED):
The Federal Reserve has been influencing financial markets, including Bitcoin, through the following actions:
1. Interest Rates: The Federal Reserve is keeping interest rates high to combat inflation. High interest rates usually dampen appetite for risky assets like cryptocurrencies as investors seek safer returns in government bonds. This could create selling pressure on Bitcoin.
2. Inflation: Inflation is still being controlled in the US, which results in tighter monetary policy. In times of high inflation, investors seek protection in assets such as gold and Bitcoin, but the current slowdown in price increases may limit this movement.
3. Recession Risk: The threat of a possible global recession affects market sentiment. During recessions, risky assets tend to be avoided, leading to a pullback in the cryptocurrency market.
Conclusion:
Based on the chart, Bitcoin may face resistance in the short term due to economic uncertainty in the US. Technical indicators show that the market has not yet taken a clear direction, but the FEDâs economic stance suggests caution. A break above 62,139.57 USDT could signal a continuation of the rally, while a drop below 59,189.69 USDT could indicate stronger selling pressure.
It is important to follow the FED's decisions in the coming weeks, as they can directly impact the cryptocurrency market.
If you liked my analysis, please like it, comment or forward it to a friend. I will be very grateful to post my content to add more information for those who invest in Cryptocurrencies. Thank you...$BTC #BinanceTurns7 #
