"Bitcoin Price closed last week at $115,390, briefly breaching the $115,500 resistance level as it pushed into the weekend, only to dip back down and close the week out just below it. Last week produced a strong green candle for the bulls, maintaining upward momentum into this week. The U.S. Producer Price Index came in well below expectations on Wednesday morning last week, giving market bulls hope for the impending rate cut decision by the Federal Reserve."
"Key Support and Resistance Levels Now Entering this week, the $115,500 level is the next resistance level bitcoin will be looking to close above. $118,000 will be standing in the way above here, however. If bitcoin puts in another strong week, it is possible the price pushes above the $118,000 level intraweek only to close back below it on Sunday. We should expect sellers to step in strongly there and pressure bulls to give back some ground."
Bitcoin closed last week at $115,390 after briefly breaching $115,500, producing a strong bullish weekly candle and maintaining upward momentum into the new week. U.S. Producer Price Index data came in well below expectations, raising hopes for a rate cut, while U.S. inflation registered 2.9%, slightly higher than the prior month. Markets expect a 0.25% Fed rate cut at Wednesday's FOMC meeting, making any Fed hesitation a likely trigger for correction. Immediate resistance sits at $115,500 and $118,000, with short-term support at $113,800 and weekly support at $111,000.
Read at Bitcoin Magazine
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