Technical analysis by Tera_kill about Symbol BTC: Buy recommendation (7/31/2024)

The anticipation of the Federal Reserve's interest rate decision this week has created uncertainty in the market, affecting Bitcoin's price. The RSI 14 is at 40.83, indicating an oversold market that may see a slight rebound in the short term. BTCUSD is fluctuating within a horizontal channel, with selling pressure stronger than buying pressure. If the price breaks the support level of $64,000, the downtrend will likely intensify. If the price fails to surpass the current resistance level, it may turn back to test the lower support at $67,231, reinforcing the downtrend.