Crypto Analysts Foresee Choppy Waters For Bitcoin: 'Resistance Walls' Keeping Uptrend At Bay
Portfolio Pulse from Mehab Qureshi
Bitcoin (BTC) has fallen below the $41,000 mark as the market anticipates the upcoming FOMC meeting and key November inflation data. Crypto analysts predict a challenging path ahead, with Ali highlighting support levels between $37,150 and $38,360, and resistance at $43,850 and $46,400. Another analyst, @JA_Maartun, identified support at $41,475 and $42,550. The recent bullish trend in crypto markets, including Bitcoin's rise above $44,000, was driven by factors such as potential approval of a spot Bitcoin ETF and the upcoming Bitcoin halving in mid-2024.
December 13, 2023 | 11:00 am
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Bitcoin is facing resistance and could experience volatility with support levels at $37,150-$38,360 and resistance at $43,850-$46,400 as per analyst Ali. Another analyst, @JA_Maartun, sees support at $41,475 and $42,550. The market is sensitive to the upcoming FOMC meeting and inflation data.
The short-term impact on Bitcoin's price is uncertain due to the upcoming FOMC meeting and inflation data release, which could cause market volatility. The identified support and resistance levels provide potential pivot points for price movements, but the overall market sentiment will heavily influence the direction.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 100