This week, the BTC/USD pair continued to decline as part of the general market trend and today dropped to the 18300.00 area (the lowest value of the current month).
BTC is declining before the meeting of the US Federal Reserve. It is expected that this week the agency will again raise the interest rate by another 75.0 points, and several investors are considering the possibility of growth by 100.0 points at once, as a result of which the rate will be at the highest level since 2008 and will continue to put serious pressure on speculative assets, including digital ones. In the context of rapid inflation, the US regulator will keep interest rates high for a long time, even after they reach the "neutral" level. Thus, the negative impact on the cryptocurrency market will be long-term.
The trading instrument maintains a short-term downward trend. The breakdown of 18750.00 gives the prospect of further decline to 17800.00 (June lows), 17187.50 (Murrey [–2/8]), and 16900.00 (Fibonacci 100.00 extension). The key "bullish" level is 20312.50 (Murrey [2/8]), supported by the middle line of Bollinger bands. If it consolidates above it, the quotes may begin to recover to 21875.00 (Murrey [4/8], the upper line of Bollinger bands), 23437.50 ( Murrey [6/8]), 25000.00 (Murrey [8/8], Fibonacci retracement 23.6%).
Technical indicators reflect the possibility of further decline: Bollinger bands are reversing downwards, the MACD histogram is increasing in the negative zone, and Stochastic is horizontal near the oversold zone.
Resistance levels: 20312.50, 21875.00, 23437.50, 25000.00. | Support levels: 17800.00, 17187.50, 16900.00.