Bitcoin dropped below $64,000 after the FOMC meeting and now sits compressed between $63,100 and $65,500 on its 5-hour chart. Momentum has shifted without producing a breakout, and volatility is likely to surge once the range breaks.
Bitcoin's 5-hour chart shows price compressed between $63,100 and $65,500, with momentum shifting but no breakout yet. The coin slipped 0.5% overnight to below $64,000 after the FOMC meeting, which delivered no rate hike but included remarks from SEC Chair Paul Atkins hinting at hikes to come.
Two moving averages box the price in
Price sits wedged between long-term support at the 200 SMA around $63,127 and medium-term resistance at the 50 SMA near $64,845. The Ichimoku cloud amplifies that squeeze, and whenever price is stuck inside the cloud, rapid moves tend to follow.
Momentum reads mixed. MACD has shifted into bullish territory with price just above the intraday VWAP, while ADX is solid at 25+ and sellers from the previous swing still hold the upper hand.
ETF inflows break a four-day outflow streak
Crypto held up well against the US stock market, which saw $1 billion wiped out overnight. Bitcoin funds snapped a four-day outflow streak and closed the day with $32.1 million in inflows, as BlackRock bought $89.8 million and Fidelity sold $43.1 million in BTC.
Total crypto market cap fell around 0.5% overnight to $2.27 trillion. Daily trading volume across crypto sits at $63.4 billion, up from around $61 billion the day before. The Fear & Greed Index reads 28/100, down one point from the previous day and inside 'Fear' territory.
The levels that decide the next move
Bulls want price firmly above $65,500, while bears concede if it falls below $62,383. Between $63,450 and $64,850 sits what the analysis calls a no-trade zone, a whipsaw trap where trendless chop takes over.
The last candle was a Doji, a sign of indecision suggesting the coiling cannot last long. A breakout without higher-than-average volume is more likely a fake.
Sources: Investing.com, 99Bitcoins
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