Bitcoin Technical Analysis: The Latest Situation in Bitcoin After the Monetary Policy Report

The leading cryptocurrency Bitcoin has been affected by macroeconomic developments lately. Investors have one eye on the US Federal Reserve (FED) statements. Yesterday evening, the FED presented a semi-annual monetary policy report. The Fed says inflation is uncomfortably high, and additional rate hikes are needed to contain inflation. Although the consumer price index is on a downward trend, it is three times higher than the pre-pandemic average. Officials voted to raise the interest rate by a quarter point from 4.50% to 4.75% in February. This vote is the most significant proof that several rate hikes are on the table this year.

Bitcoin, which started the day at $ 23465 with a hard sell yesterday, closed at $ 22354 with a loss of 4.73%, although it regressed to $ 21971.

Bitcoin, which started today at $ 22354, is trading at $ 22345 with a decrease of 0.04% at the time of writing.

Bitcoin Chart Analysis

Bitcoin Chart Analysis

Bitcoin, which started the day with a challenging sale yesterday, went below the EMA55 support but closed at $22354 above the EMA55 value with the purchases towards the end of the day. When we examine the chart, the $22207 level, which is the EMA55, supports this hard sell. If possible, retracements continue in Bitcoin, which started the day relatively calmly; the $222207 level, EMA55, and the $21775 level, EMA200, are the first support points I will follow. In case the upward movement starts, the levels of $22258, the horizontal resistance, $22852, the EMA5, and $23223, the EMA21, are the first resistance points I will follow.

Bitcoin Technical Analysis: The Latest Situation in Bitcoin After the Monetary Policy Report


What is the latest situation in Altcoin?

The latest situation in some altcoins;

  • Ethereum: down 0.08% at $1568,
  • Solano: down 1.03% at $21.20,
  • Avax: up 0.90% at $16.81,
  • Ripple: up 0.81% at $0.3754,
  • BNB: It is trading at $289.5, down 0.31% at the time of writing.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Emma Horvath

After graduating Communication and Media Studies MA in Eötvös Loránd University, Emma started to realize that her childhood dream as a creative news reporter committed to find dynamic journalism stories. I'm a passionate journalist with a keen interest in the fast-evolving world of cryptocurrencies. I've been reporting on the latest developments in the crypto industry for several years now, covering breaking news and providing insights on how the market is trending. I'm adept at analyzing daily market movements, researching ICOs, and keeping track of the latest innovations in blockchain technology. My expertise in the space makes her a trusted voice in the crypto community. Whether it's the latest Bitcoin price movements or the launch of a new DeFi platform, I am always at the forefront, bringing her readers the most up-to-date and informative news.

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