Markets of all types have been significantly influenced by the actions of the United States Federal Reserve, which is set to meet again this week to hike interest rates once again. It is expected to see another 75bp hike. These hikes have typically sent markets reeling in the following days/weeks. While much of the fear is already priced in, recent trends may hold. This aligns well with the bearish indicators we are seeing on the charts, raising the likelihood of further consolidation before the market rally we are waiting for finally materializes.
The 4H and Daily both look bearish, and potential rejections off of key price levels may be forming on the daily and weekly. It will be important for BTC to close the next few days above the key $21.9k price level, and the week above $22.8k in order for bullish narratives to resume. With the FOMC meeting this week, it is likely we will see markets sell-off in the short term, pairing up with what we are seeing on the charts. If BTC manages to hold above the $20k level despite market turmoil, it has a good chance to regain momentum in the coming weeks for a late summer / early fall market rally.
Let’s look at the [charts](https://t.me/midas_announcements/752) to get into more detail.
* $21.6k (local)
* $20k (psychological)
* $21.9k (local)
* $22.8k (weekly 200 SMA)