Bitcoin is currently trending upwards within a bullish channel and has hit a zone of resistance. If it fails to break this level, we might see a reversal in the trend, allowing the bears to take control, and potentially driving the value towards the levels indicated on the chart. In two days, the Federal Reserve will announce its interest rates. If these are increased, this could act as a catalyst for Bitcoin, flipping its weekly trend from bullish to bearish. Conversely, if the interest rate is lowered, it could fuel Bitcoin's bullish movement.
However, please do not blindly follow this analysis. Be sure to trade according to your individual risk tolerance.
However, please do not blindly follow this analysis. Be sure to trade according to your individual risk tolerance.
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