Bitcoin bulls must defend key level to avoid $76K, say analysts

Bitcoin is presently hovering astatine a captious method level that needs to beryllium defended to forestall large losses, according to crypto expert “Daan Crypto Trades.”

He was referring to the 0.382 Fibonacci retracement zone, which serves arsenic a cardinal country of enactment and absorption during marketplace cycles.  

“I deliberation this is simply a cardinal country for the bulls to defend,” helium said, observing that a interruption beneath it could effect successful a Bitcoin (BTC) autumn to April lows astir $76,000. 

“It’s besides beauteous overmuch the past large enactment earlier investigating the April lows again, which would interruption this precocious clip framework marketplace structure.”

Late connected Sunday, Bitcoin was deed with different abbreviated leverage flush, with leveraged positions being liquidated connected some sides. The plus fell beneath $88,000 concisely earlier rapidly bouncing backmost supra $91,500.  

“This is different illustration of manipulation connected the low-liquidity play to hitch retired some leveraged longs and shorts,” commented “Bull Theory.”

BTC is trading astatine a cardinal support/resistance zone. Source: Daan Crypto Trades

All eyes are connected the Fed gathering this week

The Federal Open Market Committee’s monetary-policy gathering connected Tuesday and Wednesday volition reason with a determination connected rates, with a 0.25% chopped widely expected. 

Crypto markets person mislaid momentum since the October cut, arsenic Fed Chair Jerome Powell “signaled a non-linear, data-dependent easing way alternatively than a clear-cutting cycle,” 10x Research caput Markus Thielen said successful a note shared with Cointelegraph. 

Related: Bitcoin buries the tulip story aft 17 years of proven resilience says ETF expert

He added that the marketplace present expects a 25-basis-point chopped connected Dec. 10, followed by a cautious tone, “which would reflector October’s hawkish execution and prolong mild unit into year-end.”

“With volumes already depressed and ETF flows negative, upside information remains bladed portion the $70,000–$100,000 BTC scope holds and implied volatility continues to compress, leaving downside hazard much pronounced than upside.” 

Fed outlook connection volition beryllium key

Apollo Capital’s Henrik Andersson echoed the sentiment, telling Cointelegraph that a Fed complaint chopped this week is already priced in, but the cardinal for the market direction volition beryllium the outlook statement. He remained cautiously optimistic for adjacent year. 

“However, with the Fed president being replaced successful May adjacent year, we volition apt get much involvement complaint cuts successful 2026, which should beryllium supportive for hazard assets, including crypto.”

Director of LVRG Research, Nick Ruck, agreed, telling Cointelegraph that, successful summation to the Fed meeting, upcoming jobs and ostentation information releases “could unlock renewed liquidity inflows and propel a broader marketplace rebound if they align with expectations for continued monetary easing.”

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