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Bitcoin reclaims $21K as US dollar corrects: What analysts are saying about BTC

Bitcoin reclaims $21K as US dollar corrects: What analysts are saying about BTC

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Bitcoin has breached the $21,000 mark in intraday trading on Friday, sparking a bear market rally as the recently hot US dollar cools some of its momentum.

The weakening of the dollar index has seen a stir in risk-asset markets, with cryptocurrencies and stocks on the rise again ahead of the weekend.

A look at the cryptocurrency’s flagship performance today shows that we currently have a return of 9.7% over the past 24 hours. Bitcoin (BTC/USD) is currently hugging $21,186 to put the “digital gold” over 5% positive on a weekly basis.

As Bitcoin recovers from its decline to June 2022 levels, the stock market has also seen modest gains (all major US indexes are up more than 1% as of 11:30 a.m. ET on Friday). At the same time, the dollar has fallen against a basket of peers and is down nearly 1 percent.

Bitcoin Price: An Analyst’s View

Bitcoin has also regained the $400 billion market cap level, bringing the total crypto market cap to $1.09 trillion with a 24-hour change of +6.4% at the time of writing.

What next for BTC? Some of the top crypto analysts have shared their short term predictions and analysis.

A pseudonymous cryptanalyst The wolf of a few streets says dollar strength catalyzed a drop to $18,500. The merchant shared via Twitter:

“At the moment, the dollar is correcting and the stock market is showing a small plus, this strengthens the crypto market and the chances of recovery are high. On the weekly chart, this reminds me of a double bottom formation and looks like a consolidation.”

Altcoin Sherpa says the $21,700 area could be of interest to bears, although a breakout here could put Bitcoin at $23,000.

Rekt Capital, another popular crypto analyst with over 328,000 Twitter followers, agrees with the above. He believes Bitcoin could rise to the 200-week moving average (above $23,200) before turning it into resistance.

Earlier in the day, as Bitcoin rose above $20,000, Marcus Sotiriou of British digital asset broker GlobalBlock told clients in a note that the market saw optimism ahead of “next week’s inflation report.”

He wrote:

“Gasoline prices have been reported to be negative for two months in a row – down 8% in July and then down 13% in August. This, combined with the breakdown of respondents to last week’s ISM report showing slower delivery times, could lead to another decline in the US CPI on a year-over-year basis on September 13.

Sotiriou suggests that BTC could go into the report, with inflation fears likely to be priced in ahead of the Fed’s September meeting.

The post Bitcoin regains $21,000 as US dollar corrects: What analysts are saying about BTC appeared first on Invezzi.



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