Bitcoin was leaning on a key trend line support from the recent correction low near $43,000.
The Fed saved the day with more easy money.
However, BTCUSDT needs to secure a daily close above $58,300 to signal its bullish intent.
If it fails to do so and instead closes below trend line support near $55,000, there’s a decent chance we see a deeper pullback.
Even if Bitcoin closes above $58,300, it doesn’t necessarily mean the market is bullish again.
It simply puts BTC one step closer to a new all-time high.
Ultimately, Bitcoin needs to get above $61,900 to negate the bearish potential.
A close above $58,300, followed by $61,900, would open the door to $65,000 and perhaps $70,000 in the next few weeks.