Bitcoin Price This Tad Close To Reclaim $23,000 – Will It Hit The Target?


Bitcoin (BTC) easily crossed the $22,500 mark today as we saw 2 hours ago.

  • Bitcoin is now trading at $22342.12
  • BTC Rally Moved by Ethereum Merge
  • Bitcoin has gained 18% so far since September 9

Bitcoin managed to peak on Monday and as shown on Coingecko charts, BTC is trading at $22,610, up 14.5% in the past seven days.

The gains recorded by BTC are said to be caused by a slight rally in the stock market – kind of like a domino effect.

BTC Branch Major Resistance $21,000

James from Investment Answers, a popular Bitcoin trader and influencer, has an idea that BTC is now veering towards the $24,000 mark.

But crypto experts are also quick to warn traders to be careful and avoid executing the pump and dump maneuver especially due to the very risky macroeconomic conditions.

On September 9, BTC posted gains of about 20% so far and approached the long-term downtrend line with major resistance at $23,000.

Bitcoin’s bullish movement appears to have been triggered by the Ethereum Merge that was announced on September 14th. BTC has also managed to bounce from the nearly oversold area at 32 to now at a reading of 39.

On-chain metrics are also showing the emergence of a bullish divergence as the RSI forms an upward trend line with the currency’s consecutive weekly candles.

What’s more, BTC’s MACD managed to cross after a spike in buying activity.

Since January, the bitcoin price has been directly bearish, showing one drop after another.

With this in mind, traders should watch a BTC price rally above $25,600 or a breakout of the 200-MA in the $30K region which indicates an optimistic change in trends.

The key here is to wait and see if the file running bull It will continue or if the current trend remains stable.

CPI, PPI release date will be released September 13

Many macroeconomic conditions continue to cause rapid market volatility.

The US Federal Reserve is set to continue fighting inflation with Federal Reserve Chairman Jerome Powell, as he has strong convictions that the central bank can push inflation figures below 2%.

What’s more, Loretta Meester, president of the Federal Reserve Bank of Cleveland, and Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, are strong proponents of inflation risks.

At this point, the CME Fed Monitoring Tool revealed a 95% probability of 75 basis points. The current target interest rate is between 225 and 250 basis points, but Meester says the Fed could raise the rate above 400 basis points in its quest to fight inflation.

The CPI date is due to be released on September 13, along with the CPI for the Euro and the UK, as well as the PPI for the US.

BTC total market cap at $431 billion on the daily chart | Source: TradingView.com

Featured image from Coinpedia, Chart from TradingView.com



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