Bitcoin news

Bitcoin, price to $ 20.000 within a week?

Il price Bitcoin he managed to close yesterday's daily candle above the key support, thus giving the bulls a chance to avoid further falls. However, today's trading session favored bearish investors precisely, with BTC moving below the $ 19.000 area.

At the time of writing, Bitcoin is around $ 18.900, down 1% from yesterday's and 2,4% in a week. The others cryptocurrency of the top 10 by market capitalization follow a similar trend, except for Cardano e Solarium, which are taking heavy losses across the board.

Last week, the price of Bitcoin reacted negatively to the printing of the September consumer price index released by the US government. This metric is one of the benchmarks for inflation and the September press hinted at higher levels. In turn, the US Federal Reserve (Fed) will tighten monetary conditions in global markets. This policy will continue to curb any bullish momentum for Bitcoin and risky assets, including those of traditional markets.

This reaction to rising inflation and a hawkish Fed has led the price of Bitcoin to revise annual lows near $ 17.600 to coincide with the September CPI release. The crash was short-lived and BTC rebounded to $ 19.000.

During the flash crash, many traders opened long positions as BTC bounced. Traders were expecting higher movement and their leveraged positions left a lot of liquidity to the downside. According to analyst Justin Bennett, the price of Bitcoin is absorbing this liquidity before resuming its bullish momentum.

In particular, Bennett pointed out that BTC is moving in a tight range between approximately $ 18.600 and $ 19.800. The cryptocurrency may return to these levels before attempting another critical resistance break near the $ 20.000 area.

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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