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Bitcoin Key Levels to Watch Ahead of FOMC

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The upcoming breakout from Bitcoin will likely be aggressive given the months of sideways price action, and Wednesday’s FOMC could be the catalyst.

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Bitcoin has been sideways for most of 2022. Since closing below $46,000 on January 5th, BTC has spent its time between $35,000 support and $46,000 resistance.

The current consolidation has officially taken longer than the June to July range last year, which seemed to last an eternity.

So my guess is that Bitcoin is getting close to making its next move. It may even start to trend again after tomorrow’s FOMC, depending on how hawkish or dovish markets interpret Chair Powell’s remarks.

But despite the recent choppy price action, the Bitcoin chart is very straightforward.

BTC bulls need to clear $45,000-$46,000 for Bitcoin to turn bullish toward $53,000 and potentially $60,000.

On the flip side, if bulls lose $35,000-$37,000 on a daily closing basis, Bitcoin would be on its way to $30,000 macro support at a minimum.

That said, we don’t want to see Bitcoin lose $37,000 on a daily closing basis. So that’s the must-hold level for now, in my opinion.

So let’s turn our attention to Monday’s bullish engulfing pattern.

Technically, yesterday was a bullish engulfing day for Bitcoin. However, patterns like this become less telling during sideways movement as there’s no clear momentum.

If BTC bulls intend to back yesterday’s signal, they’re going to have to hold the price above $37,600. Anything below that would invalidate Monday’s bullish engulfing pattern.

But again, that $45,000-$46,000 resistance area is going to be critical over the coming days.

Regardless of which way the market breaks, one thing we know about Bitcoin is that the breakout will be aggressive. So it’s best to have a plan in place for either scenario.

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Justin Bennett says

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