Bitcoin price retraces to $77,000 ahead of Fed rate decision, will it crash?
Adding to the bearish outlook, the MACD has printed a bearish crossover, indicating that short-term momentum has shifted in favor of sellers. This suggests caution for traders considering fresh long positions at current levels. However, the Aroon indicator offers a mixed signal. While Aroon Up remains elevated at 85.71%, Aroon Down is still relatively low. This implies that despite the recent pullback, the broader uptrend has not fully lost strength, and buyers may still be attempting to maintain control. For now, $80,000 serves as a formidable psychological resistance, especially with no rate cuts expected in the immediate future. However, if bulls manage to break through this barrier, the next targets would sit at $85,000 and potentially $90,000. On the downside, a sustained drop below $75,000 would confirm further weakness and could push Bitcoin toward the $70,000 support zone.