BTCUSD witnessed a significant break below the pivotal $60,000 level, signaling intensifying bearish sentiment in the cryptocurrency market. With bears exerting strong pressure, attention now turns to the next critical support level at $55,000, closely aligned with the 161.8% Fibonacci extension level.
In the economic forecast arena, indicators for the US painted a mixed picture, adding to the uncertainty surrounding Bitcoin's price movement. Forecasts for the S&P Global US Manufacturing PMI, ISM Manufacturing PMI, and JOLTs Job Openings hinted at modest declines compared to previous figures. All eyes remained on the Federal Reserve's interest rate decision, with expectations centered around maintaining rates at 5.50%.
Analyzing the 4-hour timeframe chart, slow-moving indicators such as the Exponential Moving Averages (EMA) 50 and 200 suggested a bearish outlook. The steep downward slope of EMA 50 underscored the intense bearish pressure, while the Relative Strength Index (RSI) reaching oversold levels indicated potential nearby support. Traders closely monitored the $56,450 level, with a break below potentially extending the downtrend towards the 161.8% Fibonacci extension.
Overall, the outlook for BTCUSD remained bearish, with prices poised to continue their downward trajectory in the near term. Market participants braced for heightened volatility as Bitcoin navigated critical support levels amidst broader market uncertainty.
Forecast 49.9 vs Previous 51.9
Forecast 50.0 vs Previous 50.3
Forecast 55.5 vs Previous 55.8
Forecast 8.680M vs Previous 8.756M
Forecast 5.50 vs Previous 5.50
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