Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- Bitcoin’s (BTC) trading volume has decreased by 14% over the last 24 hours.
- BTC price remains above the 9-day EMA, bolstering short-term bullish sentiment.
- The effect of Mt.Gox’s extension of its repayment deadline on BTC price remains a topic of speculation.
Bitcoin (BTC), the leading cryptocurrency by market capitalization, has been evoking both optimism and concern within the community due to its recent price fluctuations. On Monday, Bitcoin exhibited bullish momentum as it entered the $27,000 range. However, bearish sentiment emerged as BTC oscillated between $26,864 and $27,290.
Despite high hopes, the recent Federal Reserve meeting on Wednesday had a limited effect on Bitcoin’s price. Earlier this year, Federal Reserve Chair Jerome Powell suggested that the nation might experience only two additional interest rate hikes by the end of 2023. The previous Federal Open Market Committee (FOMC) meeting resulted in the first of these two rate increases. Following the latest FOMC meeting, the target interest rate remains at 5.25% – 5.50%, consistent with global market expectations. It is important to note that this interest rate is the highest it has been in 22 years.
In the meantime, as a source of bullish hope for the community, notable financial advisors such as Robert Kiyosaki continue to stress the significance of acquiring assets like gold, silver, and Bitcoin now rather than focusing on their future valuations. Kiyosaki has also recently made bold forecasts, suggesting that Bitcoin could potentially reach $120,000 by next year and an even more ambitious projection of $500,000 per BTC by 2025.
Related Posts
Additionally, the crypto market is closely monitoring the effects of recent actions by Mt.Gox creditors on Bitcoin. The memory of the 850,000 BTC hack in 2014 at Mt.Gox remains vivid. The now-defunct crypto exchange has extended the repayment deadline to October 31, 2024 — an additional 12 months. This development has sparked significant speculation among investors.
Will Bitcoin Bears Lose Their Strength?
An analysis of Bitcoin’s recent price trends indicates an underlying bullish pattern on the daily chart. Notably, the 9-day exponential moving average (EMA) was recorded below the trading price at $26,745, further highlighting the bullish sentiment. The daily relative strength index (RSI) is at 56, suggesting a neutral stance. However, trading volume has fallen by 14% in the past 24 hours, settling at $12 billion.
Bitcoin (BTC) Daily Price Chart (Source: TradingView)
If the price succeeds in breaking through the $28,000 resistance level, BTC could test the $31,480 resistance. On the other hand, a decline below the $26,370 support level may lead Bitcoin to test the crucial $25,000 level.
Will BTC reach $30K in the near future? Share your thoughts by tweeting us at @The_NewsCrypto
