Breakout: everything we know so far

Bitcoin price lost momentum this week after facing substantial rejection at the important resistance level at $79,360. Breakout has emerged this Friday as one of the stories drawing attention in Pakistan.

Key facts

• Bitcoin price lost momentum this week after facing substantial rejection at the important resistance level at $79,360.
• The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
• BTC/USD Forex Signal: At Risk of a Retreat as it Faces Crucial Rejection.
• Crispus Nyaga is a financial analyst, coach, and trader with more than 8 years in the industry.
• Sell the BTC/USD pair and set a take-profit at 70,000.

What we know

Going deeper, the Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.

On the substance, BTC/USD Forex Signal: At Risk of a Retreat as it Faces Crucial Rejection.

Beyond the headlines, Crispus Nyaga is a financial analyst, coach, and trader with more than 8 years in the industry.

More precisely, Sell the BTC/USD pair and set a take-profit at 70,000.

It is worth noting that Buy the BTC/USD pair and set a take-profit at 80,000.

By the numbers

At this stage, the BTC/USD pair dropped to 75,985 as focus shifted to the upcoming Federal Reserve interest rate decision later today.

On a related note, Data shows that spot Bitcoin ETFs have shed assets this week after adding billions of dollars earlier this month.

Going deeper, the retreat coincided with the ongoing drop in the stock market, with the S&P 500 and Nasdaq 100 indices falling by over 0.65%.

On the substance, this price action happened as crude oil prices continued rising, with Brent and the West Texas Intermediate (WTI) moving to $112 and $100, respectively.

The wider context

On a related note, the Federal Reserve will deliver its interest rate decision later today, with most analysts expecting it to leave interest rates unchanged between 3.50% and 3.75%.

Going deeper, Bitcoin is also falling as the Fear and Greed Index retreated, moving from the greed zone of 61 to the neutral point at 40.

On the substance, the daily timeframe chart shows that the BTC/USD pair pulled back to 76,000 from this month's high of 79,360, where it faced substantial rejection and formed a small double-top pattern.

Beyond the headlines, Bitcoin has moved slightly below the important support level at $76,410, its highest point in March this year.

More precisely, On the positive side, the BTC/USD pair has moved above the 50-day Exponential Moving Average (EMA).

The bottom line

• The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
• The BTC/USD pair dropped to 75,985 as focus shifted to the upcoming Federal Reserve interest rate decision later today.
• The retreat coincided with the ongoing drop in the stock market, with the S&P 500 and Nasdaq 100 indices falling by over 0.65%.
• Searches spiking right now: Bitcoin Price Forecast: BTC/USD Surges 30%—Breakout Rally Faces First Test, S&P 500 advances after breakout as momentum builds, Oil News: Crude Oil Outlook Hinges on Breakout Buying or Dip Support, Breakout above support fuels Denison Mines stock to a 6.39% rise.