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Bitcoin Crosses Over $27,000: Eyes on FOMC

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on September 20, 2023 | 1 min
Updated on Sep 21, 2023
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  • Bitcoin showcases strong momentum, targeting a crucial breakout above the $27,500 resistance; a firm close above could see it aiming for $28,200.
  • Despite bullish indicators, Bitcoin is currently consolidating around $27,494, closely tethered to the 23.6% Fibonacci retracement level.
  • Potential downturn risks include immediate support at $27,050, with a significant safety net near $26,800; any breach here might push BTC toward $26,200.

In a notable surge, Bitcoin has confidently surpassed the $27,000 mark, marking yet another pivotal moment in its volatile journey. As investors and enthusiasts keenly watch its trajectory, all eyes are now turned to the upcoming Federal Open Market Committee (FOMC) meeting. The interplay between macroeconomic policies and decentralized assets like Bitcoin is becoming increasingly evident, and the market anticipates potential ripples from the FOMC’s decisions on this dominant cryptocurrency’s future course.

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BTC/USD Price Chart
BTC/USD Price Chart – Source: Tradingview

Bitcoin Price Prediction: Technical Outlook

Bitcoin is poised for a significant breakout above the critical resistance at $27,500. Should it firmly close above this threshold, BTC could swiftly ascend toward the $28,200 mark. Recently, the digital currency has demonstrated robust momentum, successfully breaching the $26,800 resistance and establishing its stance above the pivotal $27,000 level.

 

However, despite this bullish trajectory, there’s noticeable resistance in the vicinity of the $27,500 mark. A notable peak has been established around $27,494, and presently, Bitcoin is undergoing a consolidation phase, lingering just beneath the 23.6% Fibonacci retracement from its rally originating from $26,657 to $27,494.

 

Currently, Bitcoin maintains its position north of $26,850 and is aligned with the 100 hourly Simple Moving Average. An ascending trendline further bolsters the bullish sentiment, with crucial support anchored around $26,800 on the BTC/USD hourly chart. The immediate hurdle is spotted near $27,450, but the most significant barrier remains at $27,500. Surpassing this could ignite another bullish rally, targeting resistances at $28,200 and potentially extending to $29,500. In such a scenario, even the $30,000 mark could be within reach in the imminent future.

 

Conversely, should Bitcoin face headwinds and fail to rise beyond $27,500, a bearish correction might ensue. The immediate safety net in such a decline would be around $27,050. Furthermore, a vital support zone is mapped near $26,800, coinciding with the trendline and proximate to the 76.4% Fibonacci level of its recent surge. A decisive dip below this support could steer the asset toward the subsequent base at $26,200.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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