When the SEC–XRP situation was finally settled, bitcoin bulls were first thrilled. However, the value briefly increased before returning to its previous levels. Currently, Bitcoin is trading within ranges that were present before to the surge. However, sooner or later there will likely be a breakdown from the current construction, leading to a potential correction. The market will be significantly shaped by the approaching Fed turn, and buyers need to be prepared for a significant drop.
Recent developments also suggest that institutional purchasers are increasing their purchasing stress, leading to speculation about the start of the next bull run. According to Cheeky Crypto, Bitcoin has been unable to go past a particular resistance level for the fourth week in a row. Despite trying the upper region, the value has had difficulty breaking through the provision zone above $31,848.
Before the Fed pivots, if Bitcoin manages to reach higher price tiers like $40,000, it might offer some degree of protection from the next market slump. But if Bitcoin reverses course between $20,000 and $21,000 before the Fed pivots, it might test previous lows.
For buyers who are positive, the 50% retracement level at $32,681 appears to be a crucial objective. Breaking through over this point would indicate a strong position and open the door for more advantages. However, increasing institutional interest, long-term holder accumulation, and the eventual approval of Bitcoin ETFs may all point in the direction of a positive prognosis. At the time of writing, the price of one bitcoin is $30,293.
