Bitcoin — The Bulls Have To Postpone The Party

16 Sep

Once again, the market poured euphoria over crypto traders on Friday within seconds. Bitcoin made a solid move above the crucial 58k level and subsequently targeted 60k.

Today, it feels like the day after the party: Bitcoin did not break the 60k barrier, and its current price action gives off mixed signals. Let’s break it down:



The Positives:

• Bitcoin managed to move above the crucial 58k level, which has become a support zone (at least temporarily). This is a crucial threshold for any sustained upward momentum. Currently, 58k seems to be holding, providing a short-term base for the price.
  
• Another positive sign is the Stochastic RSI. It has quickly fallen into oversold territory, which can often signal that the downside move may be exhausted and a reversal could be on the horizon.
  

The Negatives:

• On the downside, Bitcoin failed to break through the important middle trendline around 60k. This level was a crucial resistance point that, if broken, could have given the market the second bullish signal it was waiting for.
  
• Even more concerning is that Bitcoin was rejected twice around this level on the 4-hour chart, indicating that the market is struggling to gain bullish momentum beyond 60k.

What’s Next?
With the Fed’s rate decision coming up this week, volatility is almost a given. All eyes will be on the announcement, as it could be a major catalyst for Bitcoin’s next move. For now, Bitcoin remains in a neutral zone—not bearish enough to trigger a strong downtrend, but not bullish enough to break into new highs either.

The only prediction that can be made with confidence? We’re in for a volatile ride.