Bitcoin Is Strengthening In The Short Term, Is The Bull Approaching?

 2021-06-17 08:23:39
Bitcoin recently blessed with a series of good news, out of a 10,000-point rebound in the market, but due to the approach of the Federal Reserve meeting, the market is in a wait-and-see state, trading volume is small, and the price has fallen into shock adjustments.

 

With the end of the meeting, Fed Chairman Powell said that it is too early to discuss interest rate hikes. Even after the interest rate hikes, the policy will remain highly accommodative. Not raising interest rates, for the time being, is in line with market expectations. The statement that the policy will remain highly accommodative after the interest rate hike will undoubtedly continue to inject vitality into the safe-haven asset market, especially the emerging safe-haven asset cryptocurrency. Bexplus analysts believe that this has certain benefits for the Bitcoin market and is long-term.

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From a technical point of view, the current indicators have not changed significantly. Bitcoin's fallback capacity is not strong. The price has stepped back to near the short-term moving average. The RSI indicator has stabilized above the 50-line and is strengthening in the short term. Now the overall trend, short-term is still a pattern of small rebounds and big drops. The current short-term trend is expected to maintain the weak and volatile pattern. The overall volatility may be relatively slow. Investors who want to enter the market need to wait patiently for the price to rebound. The lower support could temporarily look at $38,000 and the upper resistance at $41,000.

 

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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