Bitcoin
Bitcoin Defends $76,000 Support Following Low Weekly Close Ahead of Fed Meeting
Bitcoin closed the week below $77,000 while maintaining support near $76,000 as market participants look ahead to the Federal Reserve’s upcoming rate decision.
Bitcoin recorded a weekly close below $77,000 on Sunday, but maintained its baseline support at the $76,000 mark before attempting a rebound on Monday morning. The technical price action occurs against the backdrop of the Federal Reserve's upcoming policy meeting, where traders broadly anticipate a 25-basis-point interest rate increase.
According to technical analysis of the 4-hour chart, the asset showed signs of a short-term breakout above a descending trendline after bouncing from the lower boundary of a parallel channel. The analysis identifies potential upside targets at $78,900 and $79,500 if the breakout holds above support.
On higher time frames, the analysis notes conflicting signals. Daily charts show a possible head-and-shoulders formation that could prompt a test of the 200-day simple moving average if the pattern completes to the downside. Meanwhile, the weekly chart displays consolidation within a flag structure above a long-term trendline breakout, framed by ongoing market caution regarding macroeconomic policy shifts.
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