Bitcoin Plummets Below $28k, Fed Rate Hike Looms Ahead

• Bitcoin (BTC) has experienced a 2.5% decline in the past 24 hours, bringing its current price to $28,165.
• Technical indicators are showing signs of bearish momentum; however, some are signaling potential bullish turnarounds.
• Year-to-date, BTC has delivered an impressive performance of 70%, reaching a local top of $30,968.

Bitcoin Price Update

Bitcoin (BTC) currently stands at a precarious $28,165 after experiencing losses within the last 24 hours and a week-on-week decline. Despite some technical indicators showing signs of bearish momentum, others are signaling potential bullish turnarounds. Year-to-date, BTC has delivered an impressive performance of 70%, reaching a local top of $30,968.

Resistance at the $31,000 Area

Bitcoin faced resistance at the $31,000 area before receiving bearish pressure due to insinuations from U.S Federal Reserve authorities regarding possible quarter-point increase in interest rates at their May policy rate gathering. The cryptocurrency is now facing potential resistance at the local high of $31,000 if it manages to hold above the upwards slope being retested currently.

4 Hourly & Daily Trends

On the 4 hourly chart BTC has been trading below the 9 day and 21 day moving averages following reversal in the $29900 area with its downward trajectory potentially seeing resistance at local high of 31000 should it manage to hold above upwards slope being tested currently. On 24 hour chart Bitcoin’s price analysis reveals an increase in bearish pressure in past two days following prolonged period of bullish trend leading to sharp downturn and 2 32% drop within last 24 hours and 5 3% decline week on week.

Weekly Trends

On weekly chart Bitcoin’s price appears to have established solid bottom in last quarter 2022 leading to explosive rally YTD delivering 70% return resulting in asset facing significant selling pressure when it reached 30968 level recently

Key Chart Information

The Relative Strength Index (RSI) for 4 hour timeframe descended into oversold territory hinting potential halt recent bullish momentum for Bitcoin and should coin breach channel lower boundary could potentially plummet toward support levels