After a challenging two weeks resulting in a 21% drop, the <a href="https://www.cryptoknowmics.com/news/bitcoins-volatile-ride-etf-launch-triggers-concerns/" target="_blank" rel="noopener">Bitcoin</a> (BTC) price rebounded emphatically, closing last week on a strong note. The premier cryptocurrency witnessed a surge that saw it end with a Doji Hammer candle on its weekly chart, signaling a potential bullish reversal. Notably, this uptick has propelled Bitcoin’s value back into its previous range of $41,300 to $45,000.

[embed]https://twitter.com/KAProductions/status/1751370175729832409[/embed]

Keith Alan, the co-founder of Material Indicators, highlighted the significance of this pattern, stating, “Looks like we have a Doji Hammer candle forming on the BTC Weekly chart. That typically indicates a bullish reversal is coming. […] If we do indeed print a Hammer, Bitcoin bulls will need to overcome resistance at the bottom range of the Golden Pocket to have a chance at a meaningful move to retest the $44k – $45k range.”

Bitcoin has also reclaimed its position above the 20- and 50-day Exponential Moving Averages (EMAs), hinting at the potential for further gains. However, the anticipation surrounding the first Federal Open Market Committee (FOMC) meeting of 2024 adds a layer of complexity to Bitcoin’s trajectory.
<h2>FOMC Preview</h2>
The upcoming Federal Open Market Committee (FOMC) meeting, is anticipated to be a major determinant in the short-term movement of Bitcoin’s price, as it could signal significant shifts in the United States Federal Reserve’s monetary policy approach.

Macro analyst @tedtalksmacro provided an in-depth perspective: “This week’s FOMC meeting is pivotal.” Currently, the market is expecting the Fed to maintain the status quo, with a 97% probability against any policy change.
<h2>Implications For The Bitcoin Price</h2>
[embed]https://twitter.com/ColdBloodShill/status/1751772674269880600[/embed]

Renowned crypto analyst @ColdBloodShill drew attention to the historical inverse correlation between the DXY (Dollar Index) and Bitcoin. He shared the following chart and stated: “Heard you needed some hopium. The last two FOMC events have marked the pico top of the DXY. Next one on Wednesday.”

A potential drop in the DXY following the FOMC meeting could act as a catalyst for Bitcoin to rise towards the $45,000 mark. In addition, there are possible changes in QT policy that could indicate an increase in the supply of money. Such developments could serve as a major catalyst for the Bitcoin price as the hardest asset of the world.

Bitcoin’s Doji Hammer Candle Sparks Hopes of a Bullish Reversal Amidst FOMC Anticipation

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more
than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Bitcoin’s Doji Hammer Candle Sparks Hopes of a Bullish Reversal Amidst FOMC Anticipation

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