Bitcoin just soaked up that fresh macro hit like a total boss without breaking its post-breakout glow fr 🖤. The Federal Reserve bumped its target rate up by 25 basis points to 4.00% on Wednesday which beefed up the dollar and shoved Treasury yields higher 😈. Even with that vibe usually bad for risk stuff BTC is chilling around $76.7K tho buyers aint snatched full control yet 🌙.
Bitcoin Daily Chart Dive 🦇
On the daily Bitcoin stays stuck in a lil correction after getting rejected at that big $80.5K-$82.3K resistance zone 💀. Price slid down slow from the September high but the drop stayed pretty tame with BTC still way above the key $72K-$74K support spot 🔮. This toughness shines extra after the Fed move cuz it didnt trigger some instant breakdown instead BTC just sits consolidating above its main breakout zone ⚰️. The Fed hints show inflation stuck high and policy staying restrictive so macro heat aint gone completely 🕸️. The daily RSI cooled off hard from overbought levels and now hovers near neutral 50 which means the bullish energy reset instead of flipping super bearish 📉.
As long as that $72K-$74K support holds the bigger bullish setup stays solid. A push back above $80K could spotlight the $80.5K-$82.3K resistance again. But a slip under $72K might reveal moving averages near $68K-$70K then the $66K-$67K zone.
4 Hour Chart Breakdown 🌹
The 4 hour view shows a sharper short term downtrend with Bitcoin trapped in a descending channel full of lower highs and lows since hitting $82.3K 🦇. Price just tested the channel bottom near $74K-$75K then bounced toward $76.7K 🔮. The 4 hour RSI popped from near oversold and headed back to neutral 50 so immediate sell pressure eased up 💀. Still BTC lingers below the channel top around $78K-$79K. Breaking above that line would signal the correction maybe ending and open a run at the $80.5K-$82.3K zone 😈. A fresh rejection and break under the channel would point back to the $72K-$74K support with the 0.5 Fibonacci at $72.5K holding firm while lower spots sit at $70.2K $68.6K and $66.9K 📉.
Sentiment Check With Coinbase Premium 🦇
The Coinbase Premium Index tracks how Bitcoin prices differ between Coinbase and other big exchanges showing US buying or selling pressure 🌙. The latest read sits near -0.08 so its deep in negative turf which means Bitcoin trades at a discount on Coinbase hinting US spot demand looks weak and sells outweigh buys 💀. The index dipped back negative after flirting positive earlier in September so that $76K-$77K resilience aint backed by strong Coinbase flows rn 😈. While BTC handled the Fed hike without a big technical break the negative premium screams caution. Seeing the index stay above zero plus a 4 hour channel breakout would confirm spot buyers returning and maybe setup another shot at the $80K-$82.3K resistance 🖤.
Just another echo from the void by iconofsin.eth 💖
