Bitcoin Price Retraces From $25000 Ahead Of US FOMC Minutes Release, Big Fall Coming?
Bitcoin price again rose above $25,000 today, after continuously trying to reclaim the psychological level many times in the last few days. BTC price hit a high of $25,126, before it started retracing to low levels.
Traders are keeping a close eye on whether the Bitcoin price can hold above the crucial level to confirm a further upside. Meanwhile, some analysts believe the recent rally is a “bull trap.”
Bitcoin price upside momentum will depend on two key factors. First, whether it can hold above $25,100 — 200-Weekly Moving Average (WMA). The 200-WMA is one of the most effective indicators that a trader uses to help identify long-term changes in direction of Bitcoin.
Last week, Bitcoin price witnessed a reversal right from the 200-WMA, a strong resistance. If BTC price closes this week above the 200WMA, a massive bullish rally could start. Interestingly, the same level will fully eliminate bears and bulls will take over the trend.
Another factor to consider is the U.S. Federal Reserve‘s FOMC Minutes Release on February 22. The Bitcoin price will remain volatile ahead of this key event. Fed Chair Jerome Powell previously reiterated that a deflationary process has begun, hinting at disinflation to put higher rate hikes off the table.
However, hawkish rhetoric by some Fed officials for a possible 50 bps rate hike in the FOMC meeting in March continues to put pressure on the Bitcoin price. Thus, the FOMC Minutes release a key event that will drive the market in the next few weeks.
On the other hand, several on-chain metric confirms that Bitcoin price is in the early bull market cycle.
Bitcoin Price To Hit $30,000
With market sentiment highly bullish and China reportedly backing Hong Kong to become a crypto hub and several crypto exchanges planning to expand to Hong Kong, BTC prices can likely rally higher.
BTC price currently trades in the $24.7K-$25K range. The 24-hour low and high are $24,428 and $25,126, respectively.
Also Read: Grayscale Strongly Claims Win Against US SEC, Is A Spot Bitcoin ETF Finally Coming?
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