FOMC

Major

bullish

Bitcoin

Resistance

<p>Market activity over the weekend has been low, with trading volume dropping significantly from last week's peak of around $55 billion to about $12.4 billion. This low volume could lead to volatility in the coming days, especially with liquidity concentrated around key levels like $63,000 and $59,500. Later in the week, key economic data releases, including the FOMC minutes and inflation figures, could impact market sentiment.</p>  
<p><a href="https://www.youtube.com/watch?v=F_I7pjBa_II" rel="noopener noreferrer nofollow">According to analyst Josh of Crypto World,</a> Bitcoin has recently shown a bounce from a significant support area. Currently, it's trading in a range that suggests a potential for upward movement, particularly as it starts to liquidate some short positions.</p>  
<h3 class="wp-block-heading" id="h-major-support-area"><strong>Major Support Area</strong></h3>  
<p>On the daily chart, Bitcoin is showing resilience as it bounces from an important support range situated between <strong>$60,200 and $61,200</strong>. This zone has demonstrated its strength, having previously acted as a significant floor for the price. The ability of Bitcoin to maintain above this range in the short term is crucial for sustaining bullish sentiment.</p>  
<h3 class="wp-block-heading" id="h-resistance-levels"><strong>Resistance Levels</strong></h3>  
<p>As Bitcoin aims to rally higher, several key resistance points come into play:</p>  
<ul class="wp-block-list">
 <li><strong>$63,000</strong>: This level is anticipated to act as the first barrier to further gains. A successful breach above this could lead to increased buying interest.</li>  
 <li><strong>$64,100 to $64,500</strong>: If Bitcoin manages to surpass $63,000, the next resistance area is between these values, based on historical price action.</li>  
 <li><strong>$67,000 to $68,000</strong>: This range represents a significant resistance level that must be overcome for a more definitive bullish trend to take shape. A breakout above this area would indicate a strong shift in market sentiment.</li> 
</ul>  
<h3 class="wp-block-heading" id="h-liquidity-below-current-price"><strong>Liquidity Below Current Price</strong></h3>  
<p>There is a considerable amount of liquidity just below the current price, particularly in the range of <strong>$59,600 to $59,800</strong>. This area may act as a safety net, providing support if the price begins to retreat. Should Bitcoin dip below its current support levels, this liquidity could help stabilize the price.</p>

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