Short term technical headwinds for Bitcoin heading into FOMC

Quick Take

• Currently, Bitcoin is trading around $26,000, but there are a few short-term resistance levels that it is currently facing.
• The short-term cost holder basis is around $26,400, the average cost basis of investors who hold Bitcoin for 155 days or less.
• Bitcoin is also trading below the 111-day moving average and 200-week moving average.
• The 11DMA is currently trading around $26,844, while the 200WMA is trading around $26,424, which has been used as support levels for Bitcoin in previous bear markets.

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