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Bitcoin Price Calm Before A Storm? Bitcoin price has been stuck in a range channel since mid-June. Support on the lower range is now reinforced by the 200-day Exponential Moving Average (EMA) (in purple) at $29,839 while the stubborn resistance sits at $31,400. advertisement The Moving Average Convergence Divergence (MACD) indicator, moving horizontally below the mean line (0.00) implies that Bitcoin price lacks momentum to move either up or down. In other words, bearish and bullish forces are relatively equal and canceling out, leaving Bitcoin in a quagmire situation. BTC/USD daily chart | Tradingview While other indicators like the Money Flow Index (MFI) appear to be leaning on the bullish side of things, the shrinking volatility makes it difficult to sustain an uptrend. Bulls are slowly losing grip considering Bitcoin price has been entwined with the range channel’s support since Monday. They must hold onto the 200-day EMA supp...

The consensus among officials during the meeting leaned towards maintaining the current interest rates, though a few suggested a slight increment of 25 basis points. In the foreseeable future, particularly in 2023, the vast majority of the committee anticipates further escalations in rate hikes. advertisement The largest cryptocurrency is down 1.1% to $30,500 on Thursday, while the second-largest crypto, Ethereum, has, in the last 24 hours, lost 1.4% to trade at $1,913. This pressure is not unique to BTC and ETH, considering a 1.2% dip in the total crypto market cap to $1.23 trillion. Despite the slight drop, Bitcoin price is comfortably perching above the immediate support at $30,500, with much stronger support expected at $30,000. BTC exploded, reclaiming resistance at $31,000 in June, bolstered by multiple filings by companies wishing to offer a spot Bitcoin ETF. Bitcoin Price Extends Breather as FOMC Dust Settles Investors are likely to spend the next few...