Bitcoin Tests $88,000 as Fed Rate Cut Hopes Spark Recovery

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A Bitcoin and crypto market recovery appears to be underway amid renewed hope that the US central bank will cut rates in December. 

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Summarize with AI

Summarize with AI

Bitcoin prices returned to $88,000 twice over the past few hours, but it was rejected there and sharply retreated on both occasions.

The asset was hovering around $87,000 at the time of writing and has started to recover from its dump below $82,000 last week as Federal Reserve rate cut odds increase again. Analysts are generally confident that we haven’t entered a bear market yet and expect a liquidity injection to push markets higher.

Bull Market Band Support Lost

“It is clear by now that Bitcoin has fully lost its Bull Market Support Band,” observed analyst Daan Crypto Trades on Sunday. He added that the recent move down has created a $20,000 gap to get back to the band.

However, the asset will return to this level, which is a key area to watch, he said before adding, “Weekly market structure technically still intact as long as the April lows are defended.”

Bitcoin fell to $75,000 in April, but this correction has been much sharper and deeper in terms of the sell-off.

Analyst ‘Rekt Capital’ took a look at the weekly candle, predicting that a close above $86,000 could see prices revisit $93,000 “as there is little in the way of supports/resistance within this region.” The weekly candle closed at $86,820, according to TradingView.

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Fellow analyst ‘Stockmoney Lizards’ observed a Bitcoin wedge breakdown, RSI at oversold, and panic, which was also seen earlier this year in March and April.

“The pattern doesn’t care about your narrative. It never does,” they said, pointing out that an all-time high followed the previous similar sell-off.

Not So Bullish

However, crypto commentator ‘Colin Talks Crypto’ wasn’t as bullish, stating:

He added that major key levels must be reclaimed “way above where we are now” to have a chance at reaching new all-time highs. “There’s no reason to believe this isn’t just an expected, large relief rally,” he said.

BTC was trading close to $87,000 at the time of writing, following a weekend recovery.

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Source: https://cryptopotato.com/bitcoin-tests-88000-as-fed-rate-cut-hopes-spark-recovery/