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0x East City Prefect
Crypto Newbie
03-18 12:18
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Be wary of the risk of a further sharp drop in Bitcoin's price. The daily chart shows a small bearish candlestick with an upper shadow, failing to hold above 74,800 and instead pulling back after a surge. This could be considered a false breakout to lure in more buyers. Looking at the 4-hour chart, the bullish volume has been gradually decreasing as the price rebounded from 60,000 to 76,000, indicating weakening bullish momentum and a lack of confidence. Furthermore, tomorrow is the FOMC meeting on the 19th, with the probability of a rate cut estimated at 0% for the next three months due to rising oil prices and inflation. BTC's price has rebounded to 76,000. Considering the factors listed above, this rebound is likely to stop at 76,000, potentially marking a turning point that could initiate a medium-term downtrend.
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