Home » Bitcoin Price Prediction – BTC is Staying Rangebound for Now Because of This Self-fulfilling Strategy

Bitcoin Price Prediction – BTC is Staying Rangebound for Now Because of This Self-fulfilling Strategy

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Bitcoin has not recorded much movement since early September. The price is trading within the $19,000 to $20,000 range, indicating low volatility.

Bitcoin continues to consolidate

At the time of writing, Bitcoin was trading at $19.272 after gaining less than 1% over the past day. Over the past 24 hours, Bitcoin has traded between $19,200 and $19,450, indicating moderate volatility.

Bitcoin has been holding the $19,000 level for weeks, with contrasting arguments from analysts. Crypto analyst Michael van de Poppe says bitcoin has bottomed out despite bears believing it will drop below $14,000.

Bitcoin is currently holding the support level at $19,200 with a major resistance at $19,600. If Bitcoin breaks through this resistance, he could rally towards $20,000 in the short term.

The battle for control between bulls and bears has contributed to price consolidation.Each time Bitcoin falls below $19,000, buyers take advantage of the drop to buy more coins at lower prices. I scooped it up. Moreover, the current holding hand seems reluctant to sell, waiting for a strong price action.

Bitcoin continues to consolidate

Looking at the movement of the Moving Average Convergence-Divergence (MACD) line over the past month, it is clear that Bitcoin is trading within a range, with only a few spikes in volatility. Currently, the MACD line is tracking the signal line, indicating that the trend is neither bullish nor bearish.

However, as mentioned earlier, some macroeconomic factors could lead to strong moves in the coming weeks.

Earnings report and Fed rate hike could cause volatility to spike

Bitcoin has traded in tandem with equities for most of 2022. Bitcoin currently correlates with the Dow Jones Industrial Average and the S&P 500 Index. Therefore, traders may see a strong move in Bitcoin next week when major corporate earnings reports are released.

Big techs such as Microsoft, Alphabet, Meta, Apple, and Amazon, which occupy large weights in the S&P 500 index, Scheduled release their report earnings. The performance of these companies may influence the direction of BTC.

Meanwhile, the US Federal Reserve is expected to announce more monetary tightening policies. A Federal Open Market Committee meeting is expected to raise interest rates. Inflation remains high in the US, and further interest rate hikes are expected to trigger bearish momentum in financial markets, according to recently released consumer price index data.

Altcoins are registering a strong move

With Bitcoin consolidation, traders are turning to altcoins. One of the altcoins that has worked really well is Dash 2 Trade (D2T)D2T is currently in the second stage of pre-sale. With over $2 million in presale funding, the first stage is now complete. There are 9 stages of pre-sale, and the price goes up at each stage.

D2T is a utility-packed token that powers the Dash 2 Trade platform. The platform provides investors with trading signals that enhance their trading experience.

Another pre-sale that has caught our attention is IMPT, the native token of the IMPT.io ecosystem.of Pre-sale has raised over $8 million and the first phase is almost complete. The IMPT.io platform plans to reduce carbon emissions by innovating the carbon credit market through blockchain.

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