BTC Price’s $29K Standoff: What Lies Ahead for Bitcoin?

The Fed has been raising interest rates steadily, and this may be bad news for BTC and the crypto market.

The Bank of Japan is expected to loosen its hold on the country’s bond markets, which could eventually have an impact on global bond markets, currency rates, and liquidity issues.

Bitcoin appears to be in the beginning phase of a bounce from the $29,000 zone in the charts.

If Bitcoin breaks below its 50-day moving average, the next support point would be the $26,530 zone.

If Bitcoin does enter a bounce, a break above $32,000 is almost assured, opening the doorway to $35,000 and beyond.

The FED has been raising its interest rates steadily, it comes after the central bank held off on raising interest rates in June to analyze the impact of its past monetary tightening initiatives.