Bitcoin Price Struggles Post Expected Fed Result, More Losses Ahead?

Jul 27, 2023 04:00 am Cryptocurrency 242

Bitcoin price is struggling to recover above the $29,000 resistance level. BTC must settle above $29,000 and then $29,600 to move into a positive zone.

Bitcoin is attempting a recovery wave above the $28,850 level.

The price is trading below $29,200 and the 100 hourly Simple moving average.

There is a key bullish trend line forming with support near $29,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could face a strong resistance near the $29,600 resistance.

Bitcoin Price Still In The Negative Zone

Bitcoin price started a short-term recovery wave above the $29,000 resistance zone. BTC was able to climb above the $29,200 resistance zone after the Fed interest rate decision.

There was a move above the 23.6% Fib retracement level of the key drop from the $30,335 swing high to the $28,880 low. However, the bears were active near the $29,600 resistance zone and there was no close above the 100 ..

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