The week before last, Bitcoin managed to break through the $18,500 level and rose dramatically. It even consolidated above the Ichimoku cloud in the 24-hour time frame. However, this move was not significant as the market has been flat for almost 5 months. Moreover, the indicator lines are not important in the flat. Therefore, even though BTC has risen to $20,800 per coin, it still remains within the $18,500 - $24,350 sideways channel.
Last week, the news came that both the Fed and the Bank of England had raised interest rates. Any tightening of monetary policy is a bearish sign for cryptocurrencies. However, Bitcoin did not fall after these events. Moreover, it also rose slightly. It was already mentioned in the previous articles on currency pairs that the market reacted unfavorably to the outcome of Wednesday's Fed meeting and even more unfavorably to the nonfarm payrolls report on Friday. Notably, the Fed rate was raised by 0.75% and nonfarm payrolls exceeded expectations significantly. In both cases, the dollar should have appreciated, and consequently risky currencies and cryptocurrencies should have declined. However, it did not happen. Therefore, the trend that was supposed to start at the end of the previous week is likely this week.
As for the overall fundamental picture, it has not changed for many months. Central banks continue to tighten their monetary policy, increasing demand for safe assets. The geopolitical situation remains complicated. However, what is the solution if traders cannot break through the $18,500 level? Thus, Bitcoin may rise slightly. However, this growth will be insignificant as the side channel is now of primary importance. It is necessary to await when traders break through the level of $18,500 or the fundamental background will change in favor of risky assets. Besides, there is probably a few months left till the last Fed's rate hike. After that Bitcoin will have less reasons for decline.
In the 24-hour timeframe, the asset has failed to break through the level of 18,500$ (127.2% Fibonacci level) for several months already. Therefore, BTC is in a sideways channel and it is not clear how long it will remain in it. It is recommended not to open trades now. When the price exits this channel, then it will be better to open appropriate trades. If Bitcoin breaks through $18, 500, it may reach the level of $12,426. In case the asset rebounds from $18,500, it will be a sign for small purchases.