Categories: News

Bitcoin (BTC) Trending Amidst Broad-Based Crypto Sell-Off

On Tuesday, Bitcoin (BTC) fell by 2.38%. Reversing a 0.42% gain from Monday, BTC ended the day at $45,502.

A bullish morning session saw Bitcoin strike a mid-day high of $47,188 before hitting reverse. The reversal saw Bitcoin slide to a final hour intraday low of $45,383.

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Bitcoin fall through the day’s First Major Support Level at $45,532.

Bitcoin Fear & Greed Index Hits Reverse

A bullish Sunday session saw the Bitcoin Fear & Greed Index move back to 52 before the latest pullback.

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The index fell back to 48/100 on Tuesday. Despite the decline, the index remained within the ‘Neutral’ zone.

For a Bitcoin return to $50,000, the index would need to return to the ‘Greed’ zone.

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On Tuesday, hawkish FOMC member chatter weighed on riskier assets ahead of today’s FOMC meeting minutes.

FOMC member Brainard talked of reducing the balance sheet at a faster pace to curb inflation.

The NASDAQ 100 slid by 2.26% in response to the hawkish chatter.

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Bitcoin Price Action

At the time of writing, Bitcoin was down by 1.06% to $45,021. A bearish start to the day saw Bitcoin fall to an early morning low of $44,465.

Bitcoin fell through the day’s First Major Support Level at $44,861 before returning to $45,000 levels.

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A return to $46,000 will be key through the morning.

Technical Indicators

Bitcoin will need to move through the day’s $46,024 pivot to make a run on the First Major Resistance Level at $46,666. Bitcoin would need broader market support to break out from $46,500 levels.

In the event of another extended rally, Bitcoin could test the Second Major Resistance Level at $47,827 and resistance at $48,000. The Third Major Resistance Level sits at $49,634.

Failure to move through the pivot would bring the First Major Support Level at $44,861 back into play. Barring an extended sell-off, Bitcoin should avoid sub-$44,000. The Second Major Support Level at $44,219 should limit the downside.

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A move through the pivot would bring $48,000 into play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. Bitcoin continues to sit at the 100-day EMA, currently at $45,026. This morning, BTC narrowed to the 100-day EMA, testing support. The 100-day EMA narrowed to the 200-day EMA, which was BTC negative.

A move back through the 50-day EMA would support a return to $48,000 levels.

Failure to move back through the 50-day EMA will leave Bitcoin under pressure.

This article was originally posted on FX Empire

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Sola Adeyemo

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