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In the Bitcoin world, the BTC price is currently holding steady near $30,000.
But now all eyes are on whether Bitcoin can overcome the double top resistance level at $30,800.
This key hurdle will determine the next stage of Bitcoin price volatility.
In addition, there are key economic events and indicators to monitor, such as unemployment claims data, which reports 264,000 unemployment claims, and Federal Reserve Chairman Jerome Powell’s testimony.
The strength of existing home sales statistics, which is reported at 4.3 million units, will also affect Bitcoin’s trajectory.
Fed Chairman Jerome Powell hints at further rate hikes amid lingering inflation concerns
During testimony before the Senate Banking Committee, the Chairman of the Federal Reserve Reconfirmed by Jerome Powell The central bank is expected to raise rates at least once more this year.
Mr. Powell emphasized sustainability high inflation in the service sector of the economy and a tight job market.
Powell said inflation had slowed somewhat since the middle of last year, but stressed that inflationary pressures remained high.
Fed policymakers share the expectation that more rate hikes are in order by the end of the year.
The central bank has aggressively raised the base interest rate since March 2022 to curb inflation.
Powell also expressed concern about an overly tight labor market, putting upward pressure on wages and inflation.
Potential impact on Bitcoin
Expectations of higher interest rates could lead to a stronger US dollar, making bitcoin relatively expensive for investors, which could put downward pressure on prices.
Additionally, concerns about inflation and its potential impact on the economy may cause investors to seek alternative assets like Bitcoin as a hedge against inflation.
Bitcoin price prediction
Analyzing the technical side of Bitcoin, especially on the daily timeframe, three bullish candlesticks, dubbed the ‘three hand-to-hand’, have emerged, pushing the price of Bitcoin towards the $30,000 level. can be observed.
However, the $30,700 level offers significant resistance and double top pattern Limit Bitcoin’s upward momentum. This resistance level could trigger a corrective move in Bitcoin price.
Since Bitcoin failed to break out of the $30,700 level, a correction below $30,700 could start a correction and push the price towards the $30,700 level. 23.6% Fibonacci Retracement The level is around $29,300.
Subsequent selling pressure could lead to a drop towards the 38.2% Fibonacci level near $28,400.
In the event of a bearish breakout, the next targets to watch are around $27,750 or $27,000, corresponding to 50% and 61.8% Fibonacci retracement levels respectively.
The $27,000 level is important as it has acted as a resistance level so far.
Traders considering a short position are advised to keep a close eye on the $30,700 level and look for potential short positions below it, while placing stop-loss orders above $31,000.
Conversely, a return towards the $27,000 territory could present an attractive buying opportunity.
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