BTCUSD - BITCOIN AT MAKE OR BREAK LEVELS ?Symbol - BTCUSD
Bitcoin has climbed higher in recent months on enthusiasm and demand generated by the nearly dozen spot bitcoin ETFs that were approved in January, as well as crypto's next 'halving' event and the prospect of Fed rate cuts this year.
But Fed rate cut expectations have been dialed back significantly amid hotter-than-expected inflation prints, which means central bankers look poised to keep rates higher for longer to fight inflation. Markets are now pricing in the fact that the Fed will only cut rates two times or less this year (as of now), according to the CME FedWatch tool.
BTCUSD CMP - 62,000
Bitcoin is currently trading & consolidating in a wide range of 61,000 - 72,000 levels.
Currently bitcoin is trading at lower range of this channel which is around 61,000-62,000 level.
60,000 is make or break level of Bitcoin as of now.
Bitcoin has to sustain above 60,000 - 61,000 for any further up move. On breakdown of these levels, We may see bitcoin coming back to 52,000 - 50,000 levels.
On sustaining 60,000 - 62,000 levels and moving up, we may see Bitcoin moving up to 85,000 and even 1,00,000.
For me, Sustaining and moving up/breakout scenerio is likely. So I'm taking positional long positions in BTCUSD at CMP 62,000 with SL below 60,000.
Incase BTCUSD breaking below 60,000 sustaining & closing below it. I'll close my long position & then I'll look to short it with SL above 62,000.
