Crypto Rally at Risk as Bitcoin Faces Chart Patterns Amidst Fed Rate Cut Hopes

While crypto investors are optimistic about a potential Federal Reserve interest rate cut, the rally seems to be facing headwinds. Bitcoin’s price has been climbing above $114,000 but is showing signs of a bearish trend according to chart patterns. The daily timeframe reveals a tight range with resistance at $115,000, while the weekly chart shows a large rising wedge pattern that could indicate a potential decline. The rally’s momentum is being fueled by hopes for lower inflation and increased liquidity in the crypto market, as well as recent approvals of altcoin ETFs from the SEC.