Daily Crypto Analysis – Bitcoin Rebound or Plunge Pre-Powell Speech.
25 Sep 2023
In the world of cryptocurrency, Bitcoin faces a shift in price action as $30 million worth of long positions get trimmed ahead of Fed Chairman Jerome Powell’s upcoming speech. Liquidations totaling $29.88 million on longs and $3.87 million on shorts have marked the past 24 hours. As Bitcoin navigates this volatility, attention turns to potential movements in the broader crypto market, including Ethereum and Solana, amidst changing conditions and key resistance levels.
Ahead of the speech by the Fed Chairman, Bitcoin price action trims $30 million longs.
Over the past 24 hours, liquidations have been made on bitcoin longs totaling $29.88 million and shorts at $3.87 million.
BTC is anticipated to start a small rally to the next liquidity pool at about $26,800 once the downside liquidity has been cleared.
The September 28 statement by Fed Chairman Jerome Powell may cause volatility in the cryptocurrency markets.
The movement of the Bitcoin (BTC) price over the weekend remained largely consistent, but volatility increased toward the weekend’s close. BTC lost 2.61% of its value in six hours, resulting in millions of liquidations. However, based on the most recent movement, the flush of long holdings could result in a slight rise.
- MA 5: 26268.02 | Negative Crossover | Bearish
- MA 20: 26519.48| Negative Crossover | Bearish
- MA 50: 26483.43 | Negative Crossover | Bearish
- MA 5: 26342.32 | Negative Crossover | Bearish
- MA 20: 26684.34| Negative Crossover | Bearish
- MA 50: 26400.15 | Negative Crossover | Bearish
RSI (Relative Strength Index): 33.44| Sell Zone |Negative
Stochastic Oscillator: 0.00 | Sell Zone | Neutral
Resistance And Support Levels:
- R1: 26644.25| R2: 27596.63
- S1: 25911.64 | S2: 24886.00
Overall Sentiment: Bearish | Market Direction: Sell
Trade Suggestion: Stop Sell: 25545.34 | Take Profit: 24886.00 | Stop Loss: 26033.74.
Elsewhere In the Crypto Market
Due to the conditions surrounding the approval of the token’s futures Exchange-Traded Fund (ETF), the price of Ethereum (ETH) is most likely going to experience a significant increase in volatility soon. Solana price struggling as the $20.25 resistance level has been a barrier for the Solana price for about three weeks.
Bitcoin is down (0.74%) at 26,056.30, Ethereum is down (0.54%) at 1,572.16, Litecoin is up (0.94%) at 64.16, Solana is down (0.38%) at 19.47, Dogecoin down at (0.17%) at 0.61 as of writing time.
Key Economic Events & Data Release Today:
(EUR) German Ifo Business Climate Index (Sep) Actual 85.7, Forecast 85.2, Previous 85.7 at 13:30.
(EUR) ECB President Lagarde Speaks at 18:30.