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The Crypto Market is Poised for a Deeper Correction
At $29.8K, Bitcoin is still testing the lower end of the range, but a closer examination reveals a decline with lulls at somewhat lower levels.
Consolidation and Trends in the Crypto Market as It Awaits Central Bank Decisions
The crypto market declined 1.8% to $1.192 trillion, its level from the previous week, spending the majority of its time in the $1.190-1.210 trillion range and Monday morning close to its bottom limit. The market has reached a temporary equilibrium as it waits for the Fed, ECB, and Bank of Japan to announce their conclusions later this week. They'll probably finish the market consolidation and establish the pattern for the ensuing weeks with their actions and remarks.
At $29.8K, Bitcoin is still testing the lower end of the range, but a closer examination reveals a decline with lulls at somewhat lower levels. On the other hand, the bulls continue to successfully repurchase BTCUSD when it drops below $29.7K. Nevertheless, be ready for Bitcoin to correct to 61.8% of the initial advance since mid-June and the 50-day MA, which would bring the price down to $28.9K.
If bearish pressure increases, $27,000, which is the lower limit of the ascending channel from the November lows and the 200-week moving average, would be the next important support level.
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