Current trend

Over the past two weeks, the BTC/USD pair has been actively adding value, while remaining within the long-term downward channel around 63599.51: the rhetoric of American regulators supports the first cryptocurrency.

So, last Wednesday, for the first time since 2020, the US Federal Reserve lowered the interest rate by 50 basis points at once, to 5.00%, citing an increase in economic activity in the country and a cooling of the labor market. This decision has caused an increase in investor interest in risky assets, including digital ones. On Friday, officials of the U.S. Securities and Exchange Commission (SEC) approved trading options on spot Bitcoin ETFs from BlackRock company, which, according to Bloomberg analysts, will contribute to the growth of liquidity in the cryptocurrency market, which, in turn, will attract even more big players. Against this background, the quotes of "digital gold" tested the 64700.00 mark, but the dynamics is restrained by the upper limit of the descending channel 64900.00. This situation does not exclude temporary consolidation or price correction before a new attempt at growth.

Support and resistance

Technically, the price is close to the level of 65625.00 (Murrey level [5/8]), consolidation above which will be the catalyst for exiting the descending channel and further rising to the levels of 68750.00 (Murrey level [6/8]), 71875.00 (Murrey level [7/8]). The key mark for the "bears" is 62500.00 (Murrey level [4/8]), consolidating below which may cause a strengthening of the movement towards the targets of 59375.00 (Murrey level [3/8], the middle line of Bollinger Bands), 56250.00 (Murrey level [2/8]).

Technical indicators do not give a clear signal: Bollinger Bands are reversing up, and MACD is increasing in the positive zone, confirming the continuation of the short-term uptrend, but Stochastic is preparing to leave the overbought zone, which does not exclude the beginning of a corrective decline.

Resistance levels: 65625.00, 68750.00, 71875.00.

Support levels: 62500.00, 59375.00, 56250.00.

Trading tips

Short positions can be opened below the 62500.00 mark with targets of 59375.00, 56250.00 and a stop-loss around 64300.00. Implementation period: 5–7 days.

Long positions can be opened above the level of 65625.00 with targets of 68750.00, 71875.00 and a stop-loss around 63000.00.