Bitcoin price finally hit the $25K psychological level today, but fails to build momentum and fell below $23.7K. The sudden fall came after U.S. Federal Reserve officials’ hawkish comments.
Stronger-than-expected US economic data and hawkish remarks from Federal Reserve officials including Loretta Mester and James Bullard suggesting another 50 bps rate hike caused the U.S. Dollar Index (DXY) to jump above 104.50 on Friday, hitting its highest levels in six weeks.
However, crypto analysts are still bullish on Bitcoin price to hit at least $27K. Popular analyst Michael van de Poppe predicted a fall to the crucial support of $22.8K and then making a continuation towards $27K.
Moreover, analyst Ali Martinez‘s analysis also supported the bullish continuation in Bitcoin price. He shared that IntoTheBlock’s In-Out Money Around the Current Price (IOMAP) data shows a vital support barrier between $21,700 and $23,700, where 1.60 million addresses bought over 1.32 million BTC.
He predicts Bitcoin price to hit at least the $27K resistance level if this demand wall can hold the price to fall lower.
Meanwhile, the on-chain data Williams %R (60-day period) for BTC: Estimated Leverage Ratio indicates Bitcoin still has room for a further bullish momentum to $27,100. There’s a gap in on-chain trading volume before the resistance at this level. Thus, there’s low selling pressure on Bitcoin.
Also Read: Crypto Market Liquidation Breaches $185 Million; Bitcoin Falls Back To $23.6K
Bitcoin (BTC) price fell nearly 4% in the last 24 hours, with the price currently trading at $23,796. The 24-hour low and high are $23,460 and $25,134, respectively. Furthermore, the trading volume has increased by just 7% in the last 24 hours, indicating a mild interest among traders.
BTC price can potentially hit $30,000 but is likely to remain under pressure due to the U.S. Fed’s hawkish stance. Moreover, support from whales and institutional investors is needed to hit the $30,000 psychological level.
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