How Will Bitcoin (BTC) Price Respond To Series Of Events On July 27th

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The general tone of the cryptocurrency market has been volatile for a long time now and while it remained above the $21,500 support zone, the price of bitcoin dropped below the $22,000 support area. Unfortunately, Bitcoin has lost a sizable chunk of the gains since June 18, when the largest cryptocurrency’s price had sharply increased from $20,700 to $23,800 in just two days.

BTC fell by 5 percent on July 13 when the Fed raised interest rates by 75 basis points, but the short-term loss was subsequently made up for when the price of bitcoin sparked a week-long rally that took it from $19,000 to $24,000.

Investors must therefore closely monitor how the markets respond on July 27. On Wednesday, it’s anticipated that the Federal Reserve might raise interest rates. The FED may be forced to make a drastic move as a result of the worsening macroeconomic conditions.

Bitcoin Price Analysis:

On July 22, the price of bitcoin posted a daily candlestick close that was below the 200-week SMA. This development suggests that buyers may be vulnerable. BTC has since decreased by 4% and is now roughly $21,943 in value.

The 30-day Exponential Moving Average (EMA) is at $22,010 and is above the 100 four-hour Simple Moving Average (SMA) at $21,562, thus the bulls still have a chance to recover despite this downturn.

There might be volatility as a result of the Fed’s intervention to raise interest rates by an additional 75 basis points. Although a small dip below $21,710 should be expected, a swift rebound should signal a positive attitude.

After a 15 percent raise, a bounce off the aforementioned level might start a move up to the $25,000 mark. Compared to the current level at $24,276 this level has a higher chance of forming a local peak. In a strongly bullish scenario, traders should be prepared for this rise to extend to the $28,000 to $30,000 range.