The price of Bitcoin has been influenced by various factors, including the global economic situation, policy adjustments, technological development, and market sentiment.Although the price trend of Bitcoin has always been fluctuating and unstable, from a historical perspective, it has also shown a certain degree of periodicity
The price of Bitcoin has been influenced by various factors, including the global economic situation, policy adjustments, technological development, and market sentiment.
Although the price trend of Bitcoin has always been fluctuating and unstable, from a historical perspective, it has also shown a certain degree of periodicity.
The current Bitcoin price is in a relatively low region, which may be related to the global economic situation and policy adjustments.
The Fed's rate hike and Powell's comments are not good news for Bitcoin prices.
These factors may continue to lead to a decline in Bitcoin prices, depending on further actions by the Federal Reserve and the response of global markets.
So what is BTC Bitcoin?
The concept of BitCoin was initially proposed by Nakamoto in 2008, and based on Nakamoto's ideas, open-source software was designed and released, along with the construction of P2P networks on top of it.
Bitcoin is a P2P form of digital currency. Point-to-point transmission implies a decentralized payment system.
Unlike most currencies, Bitcoin does not rely on specific currency institutions for issuance. It is generated through a large amount of computation based on specific algorithms. The Bitcoin economy uses a distributed database composed of numerous nodes in the entire P2P network to confirm and record all transaction behaviors, and uses cryptographic design to ensure the security of all aspects of currency circulation.
BTC continues to close below the $26800 area and should not lose that area.
The cumulative transaction volume is less than 25 billion US dollars. As the apathy continues, the continued selling of Bitcoin prices does not bode well for investors.
So, what are the implications of technical analysis compared to Bitcoin? Can cryptocurrencies rise again? The current economic situation is that the Federal Reserve did not raise interest rates at its meeting on September 20th, but Powell's remarks have had even worse consequences than raising interest rates.
The ambiguous statements and signals of further inflation are worrying, especially as oil prices rise from the $92 level to the $100 region.
However, from a technical analysis perspective, the price of Bitcoin is currently within a relatively narrow range, which may indicate that the market is waiting for more information and opportunities.
Buyers are trying to keep Bitcoin prices above the 20-day moving average of the index ($26520), and if they can continue to maintain their strength, we may see bulls retesting the 50 day moving average of $27050.
If bulls can successfully overcome this region, it may reverse the downward trend and trigger price increases.
Federal Reserve Chairman Powell warned that the process of continuously reducing inflation to 2% still has a long way to go. The upward correction of the plot data showing the expected annual interest rate is worth noting.
The current expectation is that there may be a decrease of about 50 basis points in the near future, which is expected to occur in September 2024. Bitcoin currently predicts that in the past few days, it has been trading between moving averages.
This narrow range, combined with negative historical factors in September, led to a dull period that attracted people's attention and indifference. Cryptocurrency investors are waiting for lower purchasing levels and even days when many uncertainties are eliminated
There are many different details, from potential currency security cases filed by the US Department of Justice to the possibility of the SEC appealing the GBTC decision.
In terms of technology, buyers are attempting to maintain the BTC price above the 20-day moving average of the index ($26520).
On the other hand, if bears successfully maintain prices below $26520 and retest $24800, the next targets will be $23500 and $22000. This will cause significant losses to these counterfeit coins.
If they can continue to maintain their strength, we may see bulls retesting their 50 day moving average of $27050. The next goal is to retest for $28143.
Overcoming this region will be enough to reverse the downward trend. The goal of bears is to maintain prices below $26520 and retest for $24800.
If they succeed, their next goals will be $23500 and $22000.
However, from a historical and technical analysis perspective, the decline in Bitcoin prices does not necessarily mean that the future prospects of the cryptocurrency market are bleak. On the contrary, this may be an opportunity.
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