RATE Group | How The Fed Cut Triggered A Bullish Bitcoin Reversal Overnight
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How The Fed Cut Triggered A Bullish Bitcoin Reversal Overnight

04 Mar How The Fed Cut Triggered A Bullish Bitcoin Reversal Overnight

Posted at 05:55h in Bitcoin News by

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Bitcoin is trading in a positive zone against the US Dollar, especially after the fed interest rate cut . BTC price is likely to continue higher above the $8,900 and $9,000 resistance levels in the near term.

  • Bitcoin is likely to gain traction after the recent breakout attempt against the US Dollar.
  • The price is trading nicely above the $8,680 and $8,700 support levels.
  • There is a key bullish breakout pattern forming with resistance near $8,840 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to surge higher once it clears the $8,840 and $8,900 resistance levels.

Bitcoin Likely To Surge Higher

In the past few sessions, bitcoin remained well bid above the $8,600 and levels against the US Dollar. BTC price traded as high as $8,967 before correcting lower below the $8,800 area.

There was a break below the 23.6% Fib retracement level of the upward move from the $8,398 swing low to $8,967 high. However, the bulls defended the key $8,680 support level and the

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