FOMC Rate Cuts Loom as Bitcoin Holds Above $109,500 EMA

Bitcoin Magazine FOMC Rate Cuts Loom as Bitcoin Holds Above $109,500 EMA

As highlighted in last week’s analysis, bitcoin had a big drop last Sunday night, down to $111,800. The price then bounced back to retest the $113,800 resistance level and the 21-day EMA at $114,000, but was rejected there, falling back down to the $111,300 support level. This level produced another bounce for the bulls back to the 21-day EMA, but was denied access again above the $113,800 resistance level, dumping down just below the weekly support at $109,500 on Thursday. Price rallied from that Thursday low to close the week out at $112,225.

Key Support and Resistance Levels Now

Since the price closed above the 21-week EMA at $109,500 to finish the week, the bulls will look for this support to hold going forward