In a week that could bring high volatility for the stock market cryptocurrenciesBitcoin (BTC) shows a strong rebound, surpassing the $27,000 mark, while Ethereum (ETH) rises less pronounced reaching US$1,630.
Various experts anticipate a week of marked volatility in the stock market. cryptocurrencies. On the one hand, the closure of the Japanese stock market due to the celebration of Respect for the Elderly Day could have altered the usual market dynamics. This is because a significant part of the Cryptocurrency trading in Asia is fueled by automated trading botsmaking the session attractive for speculators looking to take advantage of predictable range patterns.
Likewise, the determination of monetary policy by the Federal Reserve (Fed) threatens to generate movements in the market. Although CME’s FedWatch tool practically assumes, with a probability of 99%, that the Fed will not change interest ratesinvestors are highly aware of the economic projections that the Federal Open Market Committee (FOMC) will announce, as well as the president’s subsequent press conference Jerome Powell. Also of great interest is the next course of action of the Bank of Japan (BoJ).
Bitcoin: cryptocurrency week
In the previous week, cryptocurrencies reacted favorably to the increase in 25 basis points proposed by the European Central Bank (ECB). Investors welcomed this resolution, interpreting it as the latest tightening of interest rates in the current cycle, which will only rise if inflation gets out of control.
Furthermore, in the last few hours, BTC experiences a notable rebound thanks to the increase in the number of new addresses on your blockchain. According to Glassnode data, last September 15, the number of new users on the Bitcoin network exceeded 768,000, although this figure has seen a slight decrease in recent days. However, these data with or without reduction, reflect the greater influx of new users in the last five months.
But there is more. Active address records over the past seven days, compiled by Santiment, show a recent upward trend in this metric. This upward trend began around September 9, when the count reached approximately 5.1 million active addresses and is now close to 6 million.
“Over the past week, we have witnessed of a notable return in investor confidence, despite the persistent regulatory difficulties facing the cryptocurrency market in its various facets. This return in investor sentiment was manifested with the increase in the number of open interests for bitcoin derivatives, reaching levels not seen since the beginning of September, exceeding 7,829 million contracts“explains Samer Hasn, market analyst at XS.com.
Bitcoin: what to expect about its price
According to this expert, the leading cryptocurrency is facing resistance around the US$26,741. If it manages to consolidate above this level, “attention will turn towards $27,109, possibly followed by the psychological level of the $28,000″. “Meanwhile, if it does not consolidate above the $26,405 level, sellers could refocus on the $26,236 levels, possibly followed by the $25,805 level,” he concludes.
In the rest of the market, moderate falls are observed in the main ‘altcoins‘, highlighting the 0.8% rebound in Solana (SOL).
From the technical point of view, the analysis of Bitcoin shows a slight bearish trend. Currently, Bitcoin is in a stable position near the $26,800 resistance, just above the $26,500 support, suggesting the possibility of a double top pattern developing.
The bearish trend observed in the range of US$26,750 could limit its rise, although a break of this level could take it towards US$27,000, with US$27,600 as a key barrier before reach US$28,000.
On the other hand, if Bitcoin If it fails to surpass the US$26,750 mark, it could drop to US$26,000 or even US$25,250. Several technical indicators suggest the possibility of a shift towards an uptrend. For investors, the critical level of US$26,500 becomes a reference: prices above this point indicate a buying positionwhile below they indicate a sell position.
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