The leading cryptocurrency of the crypto industry, Bitcoin (BTC), has started to give signs of recovery towards the Fed rate decision.
In the crypto industry, which has had a tough year, price action has begun for the leading cryptocurrency BTC. The Terra crisis, the anti-inflationary moves of the USA, the Russian agenda and finally the FTX bankruptcy were among the important factors. These factors created painful processes for Bitcoin as well. The problems experienced in the global economy also affected the assets defined as risky investments. BTC price continues to move well far from its high. However, the disintegration of the pessimistic mood and the moderate signals from the Fed signaled a new cycle. Bitcoin started pricing in a market conditions where the Fed will slow down. BTC, which moved around $ 16,000 a few days ago, gained momentum towards $ 17,300 today.
Bitcoin Provides Upward Hope, Will The Rise Begin?
The leading cryptocurrency Bitcoin (BTC) gained momentum due to the end of the pessimistic mood and the Fed activity.
The overall crypto market cap is moving around $871 billion. In this pool, BTC draws attention with its market value of 333 billion dollars. The leading cryptocurrency has increased by about 5 percent in the last week.
Continuing its movement with a decrease of 64 percent on an annual basis, BTC began to give signals of the recovery process. With the moderate weather in the global economy and the FTX events being left behind, a new era may be entered.
Although this year has been painful for Bitcoin, the maximalists did not give up. However, according to the analysis, it was the first time since the golden cross of the Hash Ribbon pattern that the dead cross occurred, which did not result in any rise in BTC price.
These days when crypto miners are struggling, it is also on the table that the BTC price creates bottom regions. However, there are strong resistance zones ahead for the leading cryptocurrency to continue its rise.
This rally of BTC could progress towards the $18,000 resistance. Overcoming the resistances at $17,000 and $17,200, BTC managed to maintain its strength.
The BTC pair started to approach the $17,600 level as a close resistance. If he manages to break this resistance point, the next resistance he will reach will be the $18,000 level. However, this level does not seem to break easily.
One of the important supports of the leading cryptocurrency was the $ 16,850 level. If this level is broken, the $16,500 support could be tested. Further selling pressure could also compare us to the $16,000 level. Although this level is a very strong support point, it should not be forgotten that the market conditions were harsh.
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