Bitcoin Defies Expectations, Holds Above Deeper Support

Bitcoin weathered a series of challenges last week, including a Federal Reserve interest rate hike and higher-than-expected inflation rates. The CPI shock, an AI-driven selloff, the CLARITY Act vote, and the Fed rate hike all failed to push Bitcoin below its deeper support level.

According to technical analysis, Bitcoin's price action on the 4-hour chart suggests mean-reversion opportunities after last week's volatility. The Bollinger Bands indicate that the upper resistance is at $77,759.22 and lower support at $75,254.81. Meanwhile, the EMA50 acts as immediate resistance at $77,130.74, while the EMA200 offers longer-term support at $74,582.25.

The MACD golden cross signals building bullish momentum, despite a neutral RSI reading of 53.27. This suggests that Bitcoin's price may retest the 50-EMA before any sustained continuation.