In this video I break down the latest Bitcoin price action to determine if the current range is a setup for a deeper breakdown or a temporary pause. I examine the daily and shorter timeframes using Elliott Wave analysis to identify whether the market is forming a corrective rally or preparing for a fresh decline. By looking at current resistance zones and support levels, I explain how these patterns inform my outlook for the coming sessions. Video by More Crypto Online.
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Bitcoin (BTC) is trading around $63,500, down roughly 2.5% to 3% over the past 24 hours. This price slide reflects broader risk-off sentiment in global markets as investors brace for the Federal Reserve's pivotal two-day policy meeting.
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Bitcoin Insights Today
-Macro Headwinds: Cryptocurrencies are sliding alongside global risk assets ahead of the Federal Reserve meeting ending tomorrow. According to the CME FedWatch tool, rate hike anxieties have crept back up to a 35.8% probability.
-Global Market Contraction: Broader macroeconomic pressures are weighting heavily on crypto, exacerbated by an 11% plunge in South Korea's Kospi index and tech sectors dragging Nasdaq futures down to 3-month lows.
-Regulatory Delays: The U.S. Senate recently shelved the Crypto Clarity Act to focus on a Russia sanctions bill. With only two weeks left before the August recess, regulatory uncertainty continues to dampen retail enthusiasm.
-Technical Outlook: Analysts at Economies.com note that BTC recently broke below its short-term bullish trendline and remains pressured below its 50-day Exponential Moving Average (EMA50). A key technical "breakeven wall" sits overhead at $68,500.
-Network Proposals: On-chain, Bitcoin's BIP-110 proposal has entered its signaling window, though mining pool support remains low at 2.64% amid community divisions over data-usage restrictions.
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