Bitcoin Bounces at $29,500 Support, But Still Stuck Within Recent Ranges – Will the Upcoming Fed Meeting Break BTC’s Slumber?
Bitcoin (BTC), the world’s first and largest cryptocurrency by market capitalization, has once again bounced at support in the $29,500 area and was last changing hands just above $30,000.
BTC has tested key short-term support in the mid-$29,000s on multiple occasions so far this week, with the bulls for now holding firm.
The cryptocurrency has been stuck within $29,500-$30,500 ranges for nearly a week now after hitting its highest level of the year last Friday in the $31,800s, boosted at the time by optimism about a US judge’s ruling on XRP in the SEC vs Ripple Labs lawsuit.
Rangebound BTC trading conditions haven’t been too surprising this week, given a lack of notable US macro events, or any major updates on the topic of US crypto regulation/institutional adoption.
Bitcoin’s short-term momentum would take a turn for the better if it was able to break above its 21-Day Moving Average.
The 21DMA was last just under $30,400 and has acted as strong short-term resistance on a few occasions in the past few days.
Indeed, a break above here could open the door to a run higher towards the upper bounds of bitcoin’s multi-week range in the $31,000s.
Luckily for those who have grown wearisome of the bitcoin market’s boring trading conditions in recent weeks, a big macro catalyst is coming up next week that could trigger some breakouts.
The US Federal Reserve is widely expected to lift interest rates by 25 bps at next week’s policy announcement, taking interest rates to their highest level since 2001 at 5.50-5.75%.
While key officials at the US central bank have signaled that there could be another hike in September as well, most economists, and even a notable former Fed member, think this will be the last rate hike of the cycle.
As per the
Read more on cryptonews.com
