Bitcoin is currently priced at $30,000 and may face resistance at $30,800.

The current price of Bitcoin (BTC) is stable around the $30,000 mark. However, investors are closely watching whether BTC can surpass its double top resistance level at $30,800, which will determine the next phase of its price movement. There are also several significant economic events and indicators to watch, such as the Unemployment Claims data reporting 264K claims and the testimony of Federal Reserve Chair Powell. The strength of the Existing Home Sales figures with 4.30M reported will also have an impact on Bitcoin’s trajectory.

FED Chair Jerome Powell Indicates Further Interest Rate Hikes Amid Persistent Inflation Concerns

During his testimony to the Senate Banking Committee, Federal Reserve Chair Jerome Powell confirmed that the central bank will likely increase interest rates at least once more this year. Powell emphasized the persistence of high inflation in the service sector of the economy and the tight job market. Despite noting that inflation has moderated somewhat since the middle of last year, Powell highlighted that inflation pressures continue to remain high. The Fed’s policymakers share the expectation that it will be appropriate to raise interest rates further by the end of the year. The central bank has aggressively increased its benchmark rate since March 2022 to curb inflation. Powell also expressed concerns about an overly tight labor market putting upward pressure on wages and inflation.

Potential Impact on Bitcoin

The anticipation of higher interest rates can lead to a stronger US dollar, which may put downward pressure on Bitcoin’s price as it becomes relatively more expensive for investors. Additionally, concerns about inflation and its potential impact on the economy may drive investors to seek alternative assets like Bitcoin as a hedge against inflation.

Bitcoin Price Prediction

Looking at the technical aspects of Bitcoin, particularly on the daily timeframe, we can observe the emergence of three bullish candles referred to as “three white soldiers,” which are pushing Bitcoin’s price towards the $30,000 level. However, the $30,700 level poses significant resistance, forming a double-top pattern restricting Bitcoin’s upward momentum. This resistance level can potentially trigger a corrective movement in Bitcoin’s price. As Bitcoin failed to surpass the $30,700 level, a close below it could initiate a correction, potentially driving the price towards the 23.6% Fibonacci retracement level situated around $29,300. Subsequent selling pressure may lead to a decline toward the 38.2% Fibonacci level, near $28,400. In the event of a bearish breakout, the next targets to watch for are around $27,750 or $27,000, corresponding to the 50% and 61.8% Fibonacci retracement levels, respectively. The $27,000 level holds significance as it has previously acted as a resistance level. For traders considering a selling position, it is advisable to closely monitor the $30,700 level and seek potential short positions below it, while placing stop-loss orders above $31,000. Conversely, if Bitcoin retraces toward the $27,000 area, it could present an attractive buying opportunity.

Top 15 Cryptocurrencies to Watch in 2023

Stay informed about the latest initial coin offering (ICO) projects and alternative cryptocurrencies by regularly exploring our carefully selected collection of the top 15 digital assets to watch in 2023. This thoughtfully curated list has been compiled by industry experts from Industry Talk and blockchain, ensuring that you receive professional recommendations and valuable insights. Stay ahead of the game and discover the potential of these cryptocurrencies as you navigate the ever-changing world of digital assets.

Find The Best Price to Buy/Sell Cryptocurrency

Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.

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