Dear Subscribers,
As we get back from Easter break, this week we will not have our wednesday’s article but a compass; we will come back as usual next week.
Enjoy!
“Well done is better than well said.” - Benjamin Franklin
BTC’s price action appears to be consolidating as it moves back and forth, indicating a slowdown in the rush to enter the market. While the previous rapid gains may not be replicated in the near future, the overall trend remains bullish.
Significant support is anticipated around the $60k level, with potential buying interest if the market pulls back to this level. A consolidation phase between $60k and $75k is possible, with the 50-day EMA coinciding with the $60k support level, potentially adding further significance to this area.
Federal Reserve Chair Jay Powell reiterated his expectation that inflation would gradually decline toward the central bank's target of 2 percent, despite the latest data showing a slightly higher inflation rate of 2.5 percent in February, up from 2.4 percent in January. Powell acknowledged that the path towards the 2 percent target might encounter occasional bumps, as indicated by the Bureau of Economic Analysis report and other recent data.
Despite the acknowledgment of potential challenges, the Fed's latest projections still suggest a plan to lower rates by 0.75 percentage points this year, reflecting a downward revision from the previous high of 5.25-5.5 percent. Powell's remarks underscore the central bank's cautious approach to monetary policy adjustments amid evolving economic conditions and inflation.
The 4-hour chart analysis reveals significant demand around the critical $62k support level for BTC, leading to a notable price surge aimed at challenging the $72k resistance level in anticipation of establishing a new all-time high before the halving event.
Keep reading with a 7-day free trial
Subscribe to Swissblock Insights to keep reading this post and get 7 days of free access to the full post archives.