• Bitcoin has been consolidating between $27,000 and $28,500 for the past three weeks, indicating that a potential price decline could be imminent.
• The recent Bitcoin macro breakout from last year’s falling trend has renewed optimism for sustained bullish sentiment.
• US inflation has dropped from 9.1% in June 2022 to 6%, due to nine rate hikes by the Federal Reserve since March 2022.
Bitcoin Price Consolidation
Bitcoin has been consolidating between $27,000 and $28,500 for the past three weeks, indicating that a potential price decline could be imminent. Additionally, Bitcoin has been forming a possible double top on higher time frames, which has historically been followed by a price drop. On the four-hour time frame, the current consolidation could signify an implosion is around the corner. With the weekly death cross between the 50 and 200 MA still in play, swing traders are understandably cautious of a possible capitulation.
Bullish Sentiment Renewed
Despite the aforementioned indicators, the recent Bitcoin macro breakout from last year’s falling trend has renewed optimism for sustained bullish sentiment. Furthermore, the worst cases in the crypto market have now technically behind them.
Fed’s Interest Rate Hikes
In its fight against high inflation, the US Federal Reserve (Fed) has raised interest rates nine times since March 2022. Last month alone saw an increase of 0.25 basis points to between 4
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