BTCUSD

With today being Wednesday, the markets are positioning themselves ahead of the Bank of England (BoE) interest rate decision to be announced tomorrow, while Bitcoin is fluctuating around critical technical levels. The most significant support level in the short term stands out at 11385.44; if this level is breached, selling pressure may increase, pulling the price down to the support levels of 11294.12 and 11096.24, respectively. In a bullish scenario, maintaining a position above the resistance of 11845.24 could trigger a move towards the 11981.84 level. Developments such as the US Crude Oil Inventory data to be released today and the BoE decision tomorrow should be closely monitored, as they have the potential to create volatility in Bitcoin pricing through global risk appetite and the value of the dollar.