Bitcoin price testing key $20,000 level ahead of crucial Fed meeting
— Usd daily charton, Terra luna debacle, Traders, Hawkish changes, Return back, Past week, Friday, Upside, Dollar strength continued, Close — 1 min read
Bitcoin price has not caught a break in the past week, with Wednesday's dismal price action making it the eighth consecutive day trading in the red. The Federal Reserve board is meeting on Wednesday, with 50-to-75 basis points rate hikes expected on the menu. Bitcoin price saw two strong fundamental drivers pushing price action to the downside, and broke below $24,000. The nearest support is $19,036.23, meaning the $20,000 barrier could give way. The only possible trade now is a rejection after a retrace back into the monthly S1, and then a drop back in search of support. If the FED and the BOE help soothe markets by changing their tone on inflation, expect to see a possible return to $30,000 by next week Source