Home » Bitcoin Price Prediction – Why BTC Rally Has Paused, But Big Move Above $21k is Ahead

Bitcoin Price Prediction – Why BTC Rally Has Paused, But Big Move Above $21k is Ahead

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Bitcoin is down 1.6% over the last 24 hours and is trading at $20,518 at the time of writing. Meanwhile, the broader cryptocurrency market capitalization has fallen 1.8% over the same period, but is still over $1 trillion.

Bitcoin price analysis

Bitcoin broke through the $20,000 level last week after a notable bullish rally after weeks of denial. Bitcoin is still up more than 5% following the modest rally recorded last week.

Despite its recent rally, Bitcoin’s momentum has yet to turn bullish. The rally may pause and a bearish reversal pattern may form. However, price action has yet to form a trend reversal.Over the past 24 hours, BTC has been trading between $20,436 and $20,873, indicating low volatility for the coin.

Bitcoin price analysis

The daily chart shows Bitcoin trading within a range, indicating a clear battle for control between the bulls and bears. The Relative Strength Index (RSI) stands at 48 and , indicating that the coin is neither overbought nor oversold.

Looking at Bitcoin’s price movement over the past week, it is clear that price action has been denied at $20,800. Once the price breaks this barrier, positive sentiment returns and ignites a move towards $21,000.

In the short term, the trend looks bearish due to several macro factors. Therefore, if the Bitcoin price denies him again above $20,800, the most likely scenario is that he plummets to the $18,000 level.

Macro Factors Affecting BTC’s Short-Term Price Action

Several factors will influence Bitcoin price movements in the future. A meeting of the Federal Open Market Committee is scheduled to take place this week. The Fed is expected to raise interest rates by 75 basis points this week.

Rumors are circulating that the Fed will loosen its aggressive stance on rates. however, report Goldman Sachs economists say the Fed will raise interest rates by 5% by next March, 25 basis points higher than previous estimates.

Meanwhile, the US Dollar Index (DXY) is flat amid continued market concerns over the FOMC outcome. The Fed will also release data on the economy. A further decline in the DXY could trigger recession fears and cause investors to sell risky assets.

Altcoins to consider buying

If you’ve been watching Bitcoin’s performance this week, also consider checking out some of the best presales going on right now.

dash 2 trade There is a possibility Token to explode next, given the success of the presale. The D2T presale raised over $3.47 million. The pre-sale is in stage 2, 1 D2T = 0.0513 USDT. D2T is a utility token to power the Dash 2 Trade platform, which provides trading signals to novice and experienced traders.

Another presale to consider investing in is the IMPT. IMPT is IMPT.io A project focused on reducing carbon emissions. The IMPT presale has already raised more than $11.63 million for him.

calvaria It’s also one of the largest presales going on right now. Calvaria is a blockchain gaming project that allows non-cryptocurrency gamers to play and earn money by not forcing the use of cryptocurrencies. The RIA presale is currently in Stage 3 and has raised 890,000 USDT. Stage 3 is 65% complete.

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