He Bitcoin(BTC) goes up this Tuesday, September 19 and exceeds US$27,300. In that way, it touches 4 week highs, since August 31. Furthermore, it appears to be establishing a new level of support in the US$26,500.
This occurs within the framework of a week in which the Main event is the monetary policy meeting of the Federal Reservewhich is expected to culminate in a pause in the increase in ratesleaving the federal funds target rate unchanged for the second time since March 2022.
Bitcoin: New support value in the US$26,500?
The reference cryptocurrency started a test of support level of $25,700. Since then, investor interest has remained strong and, as the week progresses, the confidence generated in relation to a moving away from this support level.
He BTC This key week started with a optimistic tone As for the brand of the US$26,500a level that during the past month had acted as resistance level intermediate and now begins to establish itself as a new support level.
Even the predominant impulse could boost Bitcoin towards the range of US$27,200-27,700 during the course of this week, as stated in Günay Caymaz in his note in Investing.
What can come for Bitcoin?
In the case of the february bullish streak, the initial trend was bearish. Subsequently, buyers pushed the Bitcoin rise from less than US$20,000 up to the range of the US$30,000.
Looking for a more distant example you can mention the January 2022 drop. In that case, a purchase reaction similar. Thus, by March of that same year the cryptocurrency had managed to recover to the level of US$48,200.
However, on that occasion it was unable to overcome that threshold and, on the contrary, entered a persistent downward trend that lasted all year. That resulted in a significant devaluation of Bitcoinfinally registering a decline of the 60% by the end of the year.
As for the outlook for 2023there is a possibility that a Bitcoin bearish streak until the approximate threshold level of US$20,000.
While navigating this trajectory, Caymaz maintains, the price range u$s22,200-25,700 It can also arise as a support level important. Evaluating these current support levels will depend of the evolution of the next three months.
Bitcoin’s ability to end the week with closures around the range of US$27,000 could cancel the bearish scenario predominant. In fact, if Bitcoin managed to re-enter the $28,000 territory, it would mean a breaking off of this trend that emerged after the highs recorded in July.
Bitcoin: How can the FED’s decision impact?
Other crucial factor that influences the movements of the Bitcoin this week is the decision of the Federal Reserve about the interest rates and the president’s statements Powell.
The analysis of the three previous decisions of the Fed gives intriguing results. Before the May risethe cryptocurrency market showed a downward trend until the next meeting. In Junewhen the Fed decided to maintain rates, the market Bitcoin responded favorably. While, the rise from July did not disrupt the cryptocurrency.
Given the expected posture of the Federal Reserve in relation to rates remaining stableit seems plausible that this week could be the scene of a test of the resistance level around the US$28,000.
Source: Ambito
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