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Potential signal: I am bullish on bitcoin over the longer term, so if we get some type of pullback toward the $67,000 level, I will step in and start buying bitcoin, with a stop loss at the $65,000 level, and a target of $72,000 above. In other words, it is a “buy on the dips” market. The bitcoin market rallied quite nicely during the trading session on Wednesday, as we have bounced from the crucial $67,000 level. The $67,000 level is a large, round, psychologically significant figure that a lot of people will be paying attention to, and it’s probably worth noting that the 50-Day Exponential Moving Average will continue to be of interest as well. With that being the case, I think it’s a situation where we continue to do much of the same behavior that we have seen over the last several weeks. FOMC and CPI The Consumer Price Index came in 0.1% less than anticipated in the United States, and as a result traders are already starting to jump the gun and suggest that the Federal Reserve is l

Key Highlights Bitcoin price started another decline from the $72,000 resistance zone. BTC traded below a key bullish trend line with support near $68,250 on the 4-hour chart. Gold prices consolidate near the $2,320 resistance zone. The Fed is likely to keep interest rates at 5.5%. Bitcoin Price Technical Analysis Bitcoin price failed to clear the $72,000 resistance zone and started a fresh decline. BTC/USD traded below many supports such as $70,000 and $69,200. Looking at the 4-hour chart, the price traded below a key bullish trend line with support near $68,250. The price settled well below the 100 simple moving average (red, 4 hours) and tested the 200 simple moving average (green, 4 hours). However, the bulls are now active near the $66,500 support zone. If there is another increase, the price could face resistance near the $67,800 level. The first key resistance is near the $68,400 zone. The next resistance is near $69,200 and the 100 simple moving average (red, 4 hours). A succes