Can Bitcoin Price Hold Above $29,000? Current Analysis!

• The Fed’s interest rate decision caused a decline in Bitcoin price.
• The expectation of collapse in PacWest and Western Alliance triggered movement.
• Bitcoin price could not hold above 29,000 dollars.

The Bitcoin price, which fell due to the Fed’s interest rate decision, experienced a slight recovery. Current technical outlook for Bitcoin price!

Current Status of Bitcoin Price!

Bitcoin (BTC) price increased by 0.63% in the last 24 hours. After falling due to the Fed’s interest rate decision, Bitcoin had risen to 29,380 dollars with a slight increase as a result of the crisis in PacWest and Western Alliance banks. However, the BTC price is currently trading around 28,800 dollars.

BTC/USD 1 Hour Price Chart

In the hourly chart, the Bitcoin (BTC) rate set the local support level at $28,694. Currently, traders should pay attention to the daily closing. If it occurs above the 29,000 dollar region, there is a chance to return to the 29,378 dollar resistance tomorrow.

BTC/USD Daily Price Chart

Despite today’s growth, the BTC price continues to trade horizontally in the middle of a wide channel. Possible medium-term growth can only be considered if the rate is fixed above the $30,000 area.

Until this happens, the possibility of a trend reversal is low.

BTC/USD Weekly Price Chart

A similar picture can also be seen in the weekly chart, as Bitcoin (BTC) price continues to accumulate energy for a sharper movement. As neither buyers nor sellers have yet taken the initiative, consolidation in the range of 28,000-30,000 dollars is the more likely scenario.