Bitcoin consolidates near $30k as traders weigh Fed hikes Bitcoinprice BTC crypto
- The cryptocurrency market pulled back on Monday as the momentum related to the XRP decision last week and the recent flurry of spot Bitcoin exchange-traded fund fillings has dissipated while the reality of additional interest rate hikes and other economic headwinds returned to the fore.
Data provided by TradingView shows that Bitcoin bears overwhelmed bulls at the $30,300 support level, resulting in a flash crash to a daily low of $29,787 before dip buyers arrived to push BTC back above $30,000 in the late afternoon.Kitco senior technical analyst Jim Wyckoff noted that “August Bitcoin futures prices [were] slightly weaker in early U.S. trading Monday” after hitting a contract high last week.“Trading has since turned sideways and choppy at higher levels again,” Wyckoff said.
“Bulls believed they were in full control late last week when we saw a 4% run to take out the previous highs in the range of 31.5k and talks of 40k onwards were ripe,” MN Trading analyst Jared Stevenson said. “Alas, the move was short lived, being fully reversed only 12 hours later [with] a 5% move to the downside to take us to the range lows at 30k.”
“Decision time is likely for Bitcoin in the next week or two,” Stevenson warned. “The longer this range continues to go on the more likely it is for Bitcoin to pick a direction.”
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