The post Here Are Two Events That May Add Fuel to the Bitcoin Breakout Before the End of 2023 appeared first on Coinpedia Fintech News

After rising above the prolonged consolidation, the Bitcoin price soared high and began to trade within a crucial zone. The sellers appear to be pretty active at the moment as the pressure mounts up, dragging the price lower. It is worth noting that the BTC price did drop below the crucial support but failed to close the CME gap. Hence, it is speculated that the price may resume with a fine descending trend and also close the unfilled gaps.

The nearest CME gap is between $39,310 and $40,480. The BTC price dropped from the yearly highs of around $44,700 and headed towards the gap. However, the bulls regained momentum and prevented it from hitting the lower support. Now that the price is dwindling between bulls and bears, the latter is expected to exhibit more strength, which may eventually fill the gap.

As seen in the above chart, the BTC price failed to hold at the yearly highs and also dropped below the interim support at $42,472. Interestingly, more drops have also formed in the past few days that are yet to be filled. The gap between $39,310 and $40,480, wherein the price just touched these levels and rebounded. Apart from this, other gaps have been formed between $34,100 and $34,400 & between $27,000 and $27,300, which have not been filled yet. Hence, a bearish pullback could be expected at these levels.

Besides, a couple of events have been lined up that may have a huge impact on the Bitcoin price rally. Firstly, the announcement of the latest CPI rates, which usually create a minor price fluctuation, Secondly, the announcement of a new FED rate and the last speech of the Fed Chairman, Jerome Powell will have a major impact on the financial space in 2024.