The Bitcoin price is strongly influenced by macroeconomic factors. The Federal Reserve is attempting to reduce inflation by tightening monetary policy, raising interest rates, and reducing global liquidity.
spark volatility, causing Bitcoin to squeeze out these short positions and reclaim previously lost momentum.
Bitcoin is struggling to maintain its current rally, as the price has been retracing in recent days. At the time of writing, the Bitcoin price is trading near $20,500, with a 1.93% profit over the previous week and a sideways trend in the last 24 hours. Other top ten cryptocurrencies by market capitalization.
Bitcoin is now consolidating below $20,650 in respect to the US dollar. BTC might begin a new rally if it breaks through the 100 hourly SMA and then $20,650. Following a minor downside correction, Bitcoin price found support near $20,250. Bitcoin bulls were active above $20,000 and $20,250.
Before the price began to rise, a low was made near $20,237. The price broke through the $20,450 resistance mark. The price was able to break through the 23.6% Fib retracement level of the key drop from the swing high of $21,080 to the low of $20,237.
Bitcoin is currently trading below the $20,600 level and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $20,650.
According to Price Analysis, the market capitalization of this BTC is projected to be $39,203,371,430. The coin's 24-hour trading volume is roughly $38,801,513,305. BTC market capitalization has fallen by 0.19%. However, transaction volume increased by 12.68% during intraday trading.
On the upside, the 100 hourly simple moving average and the $20,620 zone provide immediate resistance. The first significant barrier is located at the $20,700 level and the bearish trend line. The trend line is close to the 50% Fib retracement level of the crucial decline from the swing high of $21,080 to the low of $20,237. A clear break above the $20,650 level might push the price much higher. The next major resistance remains above $21,000, above which the price may begin a new rise. In the aforementioned scenario, the price may move towards the $22,500 resistance zone.
If bitcoin fails to break over the $20,650 barrier level, it may begin to fall. On the downside, there is immediate support at the $20,300 level. The next big support level is at $20,200. The main support level is $20,000, below which the bears may try for a larger correction. In this case, the price might drop to between $19,500 and $19,200.
KEY LEVELS :
RESISTANCE LEVEL : $20,700-$21,080
SUPPORT LEVEL : $20,000-$19,600
Bitcoin is trading in the $20,000-$21,000 zone as a result of 2 major events: The (US) FED fund rate and The ADP Non-Farm Employment Change. Will bitcoin surpass the $21,000 level or break through the 20,000 barrier? Please share your experience, whether the DATA is positive or negative for BTC?
