🦉 Bitcoin Price Dip To $92.5K Caused By Fed Interest Rate Concerns

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In continuing our analysis of Bitcoin’s price action, we remain focused on the overall trend as the primary indicator of market direction. As we've highlighted before, this trend is the most crucial factor to monitor in assessing the market’s next move.

On Monday, we anticipated a move to take out the high at $100K, which would form a higher high in the market structure. This scenario has played out as expected, with BTC clearing that $100K level and confirming it with a daily close above that high. This marks a key point in the ongoing trend reversal.

Now that the higher high has been established, the next step is for Bitcoin to form a higher low. This would confirm the transition back into an uptrend, significantly increasing the probability of a further rally towards the macro high at $108K. So, the roadmap is clear: a higher low needs to be established for the uptrend to hold its course.

The importance of confirming this higher low cannot be overstated. After reaching a high of $102K, BTC has retraced to a current price of around $95,200. We're now on "higher low" watch, with the key price zone to monitor lying between $95K and $93,700. The .786 Fibonacci retracement level is located at $93,700, making this area critical. If BTC slips below $95K, I would expect this zone to act as strong support.

While it may seem common to hear "this is a very important moment for BTC," in this case, it truly is. If we fail to establish a higher low here, the downtrend could resume, and BTC may face a more challenging environment moving forward. This could also have an impact on altcoins, which tend to follow Bitcoin’s movements closely.

In summary, the immediate focus is on the $95K-$93,700 region for support. A bounce from here would set the stage for the next leg higher, while failure to hold these levels could signal a shift back into a downtrend.

Stay tuned for further updates as the situation develops.

https://www.tradingview.com/x/uGRfRnRo/

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WHAT IS A GOLDEN CROSS💡

A golden cross in Bitcoin charts occurs when the 50-day moving average (MA) crosses above the 200-day MA, signaling a potential bullish trend reversal. It is considered an important technical indicator because it reflects increasing market momentum and investor confidence. 

Traders often interpret it as a sign of sustained upward price movement, attracting more buying interest. Historically, golden crosses on Bitcoin charts have preceded significant price rallies, making it a closely watched signal in technical analysis. 

However, it is not foolproof and should be used in conjunction with other indicators to confirm trends and manage risks effectively.

Want to learn more? Join us today… www.dailygainscrypto.com 

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