Bitcoin recently faced significant resistance after the Federal Reserve's interest rate decision but saw short-term gains due to increased risk appetite.
Should daily closes fall below $34,000, it could intensify selling pressure and potentially lead Bitcoin to retreat to the midline of the 2023 rising channel, with an interim support of around $33,100. In such a scenario, the cryptocurrency could test the $32,000 level.The trigger for a possible pullback could be higher-than-expected employment data.
Analyzing historical data, it's evident that during the protracted decline in the past, a noteworthy reaction occurred within the range of $36,500 to $48,000 in 2022. Depending on short-term resistance levels, we could anticipate price fluctuations within this range over the next three months. Nevertheless, if the week concludes above the short-term resistance level of $35,300, it increases the likelihood of Bitcoin continuing its upward journey without a significant correction.
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