The negative streak continues for Bitcoin, which is once again about to pierce the $26,000 mark. Investors are closely watching the cryptocurrency market pressured by the high yield on US Treasury bonds and with their eyes on the speech of the President of the Federal Reserve (Fed) in Jackson Hole. If the words of Jerome Powell do not generate a negative surprise, it may be bullish for the price of these assets.
Experts anticipate that the downward pressure will continue and, if this trend persists, the value of the cryptocurrency it could drop to $25,600 or even $24,800. The immediate resistance of bitcoins It stands at $26,200. Thus, on the contrary, its breakout could take bitcoin to over $27,000.
Regarding the market capitalization of this cryptocurrency, seems to have found support above $1 trillion after the falls of the last few days.
The rest of the market is sustained with falls of up to 3.6% led by Cardano, followed by Ripple (-2.3%) and Solana (-2.2%). In the last 7 days most altcoins lose up to 18%.
Bitcoin: when can it return to $30,000?
At the current time, the cryptocurrency is trading at levels that They haven’t seen each other since Juneand this is attributed to the legal action taken by the Securities and Exchange Commission (SEC) against Binance and Coinbaseas well as other factors that impact the crypto ecosystem.
In this regard, the editors of BeInCrypto sought the perspective of Dmitry Noskovan expert Bitcoin and his analysis of the causes behind the fall in the value of this cryptocurrency. In this regard, Noskov listed the multiple reasons to explain the fall in the price of BTC. First of all, he attributes this trend to the reaction of the cryptocurrency market to the interest rate policy of the Federal Reserve of the USA.
According to Noskov, it is likely that BTC can recover the mark of the $30,000, but when? Noskov argues that as the Federal Reserve continue to increase interest rates, investors will continue to move their funds from the cryptocurrencies towards dollar assets that are considered more reliable and currently more lucrative.
At the same time, Noskov argues that Bitcoin is unlikely to establish itself solidly above the psychological level of $30,000 before the end of the year. The expert is convinced that talking about “new highs” for BTC “is not relevant at this time.”
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
