Bitcoin Rebounds Strongly above $18k; is the Rout Over?
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After a worrying weekBitcoin is back in the green zone during the past trading week. After steep losses rocked the coin and forced it down 20 percent in less than two months, BTC is on the rise, reversing mid-term losses.
Traders are confident for now. However, Participants remain cautious primarily due to technical factors and BTCUSDT price impact on the daily chart.
Although there are, for example, profits must be a continuation of yesterday’s rally. This means a stable above $20,000, ideally with increasing trading volumes, pushing the coin above critical liquidation thresholds.
The FED’s Hawkish Stance and Russia’s Bitcoin Decision
The turn comes in the middle The FED’s hawkish stance. On Wednesday, Fed Chairman Jerome Powell said he would continue by raising interest rates to curb high inflation.
Like the rest of the world, the United States has been devastated by rising commodity prices, shaking the economy and savings, and forcing the central bank to intervene. The good news is that Most policy members of the FOMC expect inflation to fall from 4.5% to 5% by December 2023.
The rise in prices can be linked to the conflict between Russia and Ukraine. In the turn of events, Russia has approved to use Bitcoin and cryptocurrencies for cross-border payments. Bitcoin is limitless and decoupled from the state.
Although it is an emerging adoption, some have interpreted it as such Kremlin technology bypasses US sanctions.
Bitcoin Price Analysis
Currently, Bitcoin is up three percent in the last trading day. Buyers are trying to reverse losses. Even so, The path of least resistance is to the south. BTC also remains in a bear breakout formation, aligned with the September 13 bear bar. Technically, the bulls need to consolidate the gains of September 22nd.
Any gains above $20,000 could tempt buyers to trade the small early September rally. In that case, BTC prices may gain a foothold, anchoring the next leg towards the September highs at around $22.5000. If prices float above $20,000, aggressive traders can initiate longs on the September 9 candlestick and aim for $22.5,000 in the short term. This preview is only valid if BTC is above $18,000 or this week’s low.
Technical diagrams: Trading view.
Disclaimer: The opinions expressed are not investment advice. Do your research.
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