Bitcoin Eyes $28k With A One-day Breakout
July 29 2022 - 4:54AM
NEWSBTC
Bitcoin eyes $28,000 after a major breakout from the 1D 50 EMA
resistance with a good volume. The Crypto market looks bullish on
the low timeframe as major cryptocurrencies and altcoins gain
relief bounces. Market Dumps Ahead Of FOMC Meeting The major
buzz around the financial market over the past few days was focused
on the FOMC. This has led to major cryptocurrencies dropping from
key supports and resistance, with the likes of Bitcoin trading at
around $20,700 and Ethereum going down to $1,376. Related Reading:
Bitcoin Slips To 1-Week Low Ahead Of Fed Hike Rate Decision Before
the FOMC meeting, rumors of a hike in rate led to the crypto market
bouncing, with BTC rising to $22,000. On Wednesday, the Federal
Open Market Committee (FOMC) raised its interest by 0.75% marking
the highest rate increase since the 1980s. The Federal Reserve
Chairman Jerome Powell stated, “unusually large increase could be
ideal in future meetings and a period of economic slowdown will be
vital to bring back price stability.” Major cryptocurrencies in the
market after the news have seen a good response, with BTC trading
above $23,100 and approaching a crucial 1D 50 EMA resistance.
Leading to many discussions in the market applauding the rally as
it could signal more upsides and relieve bounces for altcoins.
Related Reading: Bitcoin Makes Surprise Climb As Fed Discloses 0.75
Point Rate Bump “If 75bps gave us this pump, 100bps would
send us to ATH surely,” @Livercoin “Ideal ingredients for a
Summer Relief Rally are there: Powell becoming dovish on policy and
more data-dependent. $ETH merge is coming up in September.
Serious impact on 3AC, Celsius, and more already priced in. I’m
seeing $ETH to $2,400 and $BTC to $28,000-30,000.”
@CryptoMichNL Bitcoin Breaks One-day 50 EMA With Good Volume
Bitcoin rallies with good volume, surging to a 10% increase earlier
today, and if bulls can breakout above $24,300, then we would be up
for a relief bounce up to $28,000. This is a region that BTC has
had a tough time breaking after trading for more than a month in a
range. If BTC fails to break this major
resistance, bulls would likely revisit the $21,000 – $20,700 to
build more momentum for a potential breakout. If BTC fails and
falls below $20,000, this will be invalidated as bears will have
more power over the bulls. The State Of Bitcoin On The 4H Chart BTC
on the 4H timeframe looks good as it needs to break above a minor
resistance of $24,200 to soar higher to the region of $26,800 –
$28,000. The overall market sentiment is improving after
months of downtrend and loss of interest in the crypto market. The
crypto market is in high expectation of the Ethereum merge that
will come up soon. As BTC recovers with other major altcoins, more
relief and belief would return to the market.
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