In this sense, the largest cryptocurrency in the world is leaving around 0.3% and is trading in the vicinity of $19,000, support that it has recently lost; the next major support is at 18,900 and if it breaks it, BTC could head firmly towards 18,500. For its part, the largest ‘altcoin’ retreats a little more and battles to recover the 1,300 dollars.
With everything, “bitcoin has remained in a tight range”Joe DiPasquale, general director of the crypto asset manager BitBull Capital, said in Bolsamanía. The expert believes that “for now”, the market remains “indecisive” and waiting “for the economy to settle down and the inflation readings begin to reverse”.
“Cryptocurrencies keep their feet on the ground as a major move in yields is driving strong dollar trading,” explains Oanda analyst Edward Moya, noting that BTC’s resilience has been “impressive,” but “It will probably be put to the test in the next few weeks”.
On the other hand, Kitco Senior Technical Analyst Jim Wyckoff notes that “low volatility and choppy sideways trading range has continued for the past five weeks” causing the level of anxiety among traders to rise. increase, since the tension spiral is going to jump sooner or later. “Bulls continue to battle for control, with neither having a decisive advantage. That suggests more of the same in the short term.”he points out.
According to Kitco, the consensus estimates that BTC will likely reach lower prices in the short term, as economic headwinds continue to pick up. Added to this thesis is Marcus Storiou, an analyst at GlobalBlock, who believes that bitcoin “could be establishing a bottom from $17,600 to around $19,000, before a major relief rally to the upside”. “Selling pressure continues to be absorbed, despite the negative macroeconomic news,” adds this expert.
In this sense, Michael van de Poppe, CEO of Eight Global, believes that much of this uncertainty is due to the policy of the Federal Reserve (Fed). “The most ‘hawkish’ central bank in history towards a debt/GDP ratio of 5.6%, the highest in history”, points out this analyst.
Source: Ambito
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