Did FED Day Actually Save the day for Bitcoin?

What's in this article

Did FED Day Actually Save the day for Bitcoin? I would say yes because Bitcoin was hovering over a very critical support level of $46,000 and breaking below that support level was strongly bearish.

Bitcoin price today is $48,203.08 USD with a 24-hour trading volume of $35,813,042,124 USD. Bitcoin is up 2.03% in the last 24 hours, with a market cap of $911,161,924,479 USD. It has a circulating supply of 18,902,568 BTC coins.

Source: Tradingview

Bitcoin: Analysis

Bitcoin gained more than 6% because of the FED Day rising from $46600, below fib 0.786 to $49500, just below the local support of fib 0.236. Bitcoin is likely to drop to the local support of $48275, at fib 0.5, and then rise again to the falling trend line of lower highs making EMA 200 its support. This should also act as a resistance level for Bitcoin on an hourly timeframe.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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