Boring Bitcoin's Green Light Moment Incoming?

BTC continues to bore traders with its directionless price action. But some indicators are pointing to renewed bullishness.

The Fed has come and gone without moving the needle on bitcoin's price in any meaningful way. The central bank cut rates by 25 basis points as expected, but supposedly delivered hawkish forward guidance. Still, the dollar has been sold off.

Amid all this, BTC continues to bore traders with its directionless price action.

The picture on the daily price chart remains largely unchanged since before the Fed, with prices still stuck in that countertrend mini-rising channel within the bigger downtrend.

Any seasoned technical trader would tell you the playbook is simple now. If we break above the bearish trendline, it signals that the downtrend from the record high has ended. On the flip side, if we dive below the mini ascending channel, it reinforces the broader downtrend, potentially leading to deeper losses.