The market has cooled off as the elite cryptocurrencies continue to trade sideways for over a week now. The market leader, Bitcoin price, continues to struggle around its resistance level as the coin repeatedly fails to break out of it, as the bulls constantly fail to hold the price.
Micheal Van de Poppe, a well-known crypto analyst with substantial followers of more than 620K on the “X” platform, predicts that Bitcoin price could face turbulence soon, as the next FOMC meeting is scheduled for today.
During the previous meeting, the FED held the rates steady at 5.25% – 5.50%, resulting in the cryptocurrency price experiencing minor corrections in its value.
The analyst speculates that the price could experience a correction and retest its support level at $33,000 in the coming time. On the other hand, the upper target remains the same at around $36,500 – $37,000.
The BTC price has failed multiple attempts to break out of its resistance level at $34,759.37 in the past few days, indicating a bearish influence in the market. Further, the price has displayed a constant rising pattern recently, suggesting the price will attempt a retest soon.
Many analysts also speculate the sideways trend of Bitcoin to a reaccumulating phase and the price to make another jump soon.
The technical indicators indicate an upcoming positive uptrend of the star crypto as it displays a possible bullish convergence soon. This could result in the price gaining momentum and record massive price action this month.
If the bulls push the price above its resistance level at $34,759.37, the price will gain massive momentum and make a run to test its key resistance of $35,000 soon. Further, if the market records entries of new investors, it will continue to gain momentum and prepare to test its upper resistance of $36,500 in the coming week.
Conversely, if the bears overpowered the bulls and a trend reversal occurs, the price will lose momentum and fall to test its support level at $33,450. Moreover, if the bears continue to dominate the market, it will experience another price plunge and fall to test its lower support level of $33,000 in the coming time.
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