Pre-FOMC volatility results in Bitcoin sliding to $29,200 Bitcoinprice crypto cryptocurrency
- Cryptocurrency prices traded in the red on Monday ahead of a busy week of earnings reports and the Federal Reserve’s highly-anticipated interest rate announcement on Wednesday.
Bitcoin suffered its first significant drop below $30,000 since June 21, hitting a low of $28,891 near midday before dip buyers pushed it back above $29,200.The weakness for BTC was first seen in the futures markets, with August Bitcoin futures prices hitting a “four-week low in early U.S. trading Monday,” according to Kitco senior technical analyst Jim Wyckoff.“Prices are in a fledgling downtrend on the daily bar chart,” Wyckoff warned.
“Once price starts moving, it will likely be swift, like we have seen several times since the beginning of this year,” Lackmann said. “While structurally I could see prices go as low as 26.7k if things go south, based on the PA since the end of June, a run of long stop orders towards 28.3k, then continuation towards the mid-30ks seems plausible.
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