Bitcoin Taps $18,100, Why This Is Dangerous For The Market?

BTC price tabs $18,100 for the second time as price respect weekly downtrend. Price continues to trade below 50 and 200 Exponential Moving Average (EMA) on the daily timeframe. BTC price bounced on the four-hourly chart after a bullish divergence appeared. The price of Bitcoin (BTC) has had a rough week against tether (USDT) as the price plummeted following the Federal Open Market Committee news (FOMC). Following the news that the Federal Reserve raised its target interest rate by 75 bps, the price of Bitcoin (BTC) fell from $19,700 to a region of $18,100. (Data from Binance) Related Reading: Solana Price Continues To Trade Laterally With Signs Of Further Depreciation Bitcoin (BTC) Price Analysis On The Weekly Chart The price of BTC continues to struggle to keep its head afloat after seeing the weekly candle closing bearish, with the new week looking more bearish ahead of the expected FOMC meeting. BTC price tried showing some relief bounce ahead of the new week as price moved to a region of $19,500, but this bounce was cut short as the news of an increased rate hike harmed the price seeing the price of BTC drop to previous all-time high causing worry as this has been a strong support zone for the price of BTC. If the price of BTC continues to tap this region of $18,100, it will weaken the support, and we would likely revisit lower support areas of $17,500-$16,000, acting as high-demand zones. For BTC’s price to restore ...