Further volatility is expected for the release of the FOMC minutes. Bitcoin bulls and bears will closely study and evaluate the document.<\/p>\n
Featured image from Wance Paleri \/ Unsplash, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
After Bitcoin failed to break through the key resistance at $25,200 over the past week, the price is currently on a downward slide. At press time, BTC broke through the $24,000 level to the downside and initially found support at $23,867. After a strong start to the year, Bitcoin is thus trying to defy the weakening stock market and macro outlook. The S&P 500 lost 2% yesterday, closing at 3,997 points. The technology-heavy Nasdaq fell 2.5% to 11,492 points. In particular, concerns about the future interest rate policy of the Fed depressed the mood of investors. Several central bankers have signaled in recent weeks that interest rates could rise even more this year than initially assumed. Also, the Fed could again consider larger interest rate steps, as among others James Bullard, head of the regional Fed in St. Louis, had signaled last week. In addition, fears about a recession are currently rising massively again, as the CPI for January was a disappointment. Related Reading: This Fractal Suggests Bitcoin Price Could Nearly Double In 30 Days Today’s retracement therefore comes in line with the much-anticipated release of the FOMC minutes at 2:00 pm EST. If the minutes mention that the Fed has considered larger rate hikes in the future (50 basis points) and\/or a higher policy rate as a target, the crypto and Bitcoin market may be in for larger losses. These Price Levels Are Crucial For Bitcoin As popular analyst Ali Martinez discusses, there are two extremely important support areas for Bitcoin right now. Citing IntoTheBlock’s In\/out of the money price indicator, Martinez writes that the first key support is between $22,659 and $23,325, where 1.41 million addresses have purchased 711,550 BTC. The second support area is between $20,426 and $21,167, where 933,690 addresses bought 542,160 BTC. This analysis also coincides with the technical chart analysis of Bitcoin. A look at the 4-hour chart of Bitcoin indicates that the $23,300 level is of huge importance. If BTC loses the current support of $23,867, it looks like the price is heading for a sweep of the low after sweeping the range high. Related Reading: A Notorious BID Wall in Bitcoin Trying to Push Price Above $25,000, Can BTC Go Higher? Thus, the price of $23,300 would be the line that Bitcoin bulls need to defend in order to have the upper hand. One argument that the bulls could win the battle are the Binance Futures. Due to the correction, 58.59% of all accounts are long on Binance futures in the last four hours, up from 48.53% yesterday. Martinez also stated that he will not short Bitcoin to $10,000 as some ” renowned” analysts suggest. The reason is the aSORP: The aSORP behaves today as it did in 2018. After it marked the bottom at 0.914, it jumped to 1.017, and now it’s retesting the crucial 1.0 support. If this level holds, it will confirm the bull run. Further volatility is expected for the release of the FOMC minutes. Bitcoin bulls and bears will closely study and evaluate the document. Featured image from Wance Paleri \/ Unsplash, Chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":520552,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-520539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n
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Through his extensive work with uniquehot.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/uniquehot.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Dips Below $24,000, Bulls Need To Defend This Price Level","url":"http:\/\/uniquehot.com\/news\/bitcoin-below-24000-bulls-need-defend-this-price-level\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-below-24000-bulls-need-defend-this-price-level\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/wance-paleri-NvZQct9lZmU-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/wance-paleri-NvZQct9lZmU-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc"],"dateCreated":"2023-02-22T10:00:23Z","datePublished":"2023-02-22T10:00:23Z","dateModified":"2024-06-11T08:43:50Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Dips Below $24,000, Bulls Need To Defend This Price Level\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-below-24000-bulls-need-defend-this-price-level\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-below-24000-bulls-need-defend-this-price-level\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/wance-paleri-NvZQct9lZmU-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/wance-paleri-NvZQct9lZmU-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\"],\"dateCreated\":\"2023-02-22T10:00:23Z\",\"datePublished\":\"2023-02-22T10:00:23Z\",\"dateModified\":\"2024-06-11T08:43:50Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/wance-paleri-NvZQct9lZmU-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/520539"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=520539"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/520539\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/520552"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=520539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=520539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=520539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Bitcoin](\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/FpiYK9IWAAAoJrv.jpg?resize=2526%2C1020\")
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