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Bitcoin rallied after the FOMC and now it was traded at 22,930 at the time of writing. In the short term, BTC/USD was in a corrective phase after its strong rally. Now, the downside movement ended and it has developed a new leg higher.
Technically, it seems that we had only a temporary drop, BTC/USD could try to resume its swing higher started on June 18, 2022. The cryptocurrency increased by 11.66% from 20,700 yesterday's low to 23,112 today's high.
As you can see on the H1 chart, BTC/USD rallied without retesting the uptrend line. Now, it has managed to jump above the downtrend line and above the weekly pivot point of 22,544 which represented upside obstacles.
Stabilizing above these broken obstacles may signal further growth. Still, after its amazing rally, we cannot exclude a minor retreat or a sideways movement.
Consolidating above the weekly pivot point of 22,544 indicates a potential further growth toward the 24,280 former high. This scenario could help the buyers to jump in again.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
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