Bitcoin Price Watch: BTC Facing Renewed Challenge To Keep Price Above $20,000
2022年8月25日 - 4:40PM
NEWSBTC
Bitcoin price recently completed a two-month surge that resulted in
a price increase to over $25,000; consequently, investors are now
concentrating on the cryptocurrency’s next target price. Bitcoin
price spikes to over $25,000 following a two-month surge Bitcoin
now looking bearish; struggling to keep its price above $20,000 BTC
down by 0.12%; currently trading at $21,498.36 Bitcoin (BTC), the
leading cryptocurrency, is now displaying negative sentiment after
first exhibiting bullish indicators. The flagship coin is now
fighting once more to keep its price above $20,000. By the end of
September 2022, the cryptocurrency community on CoinMarketCap
forecasts that Bitcoin price will climb by 36.75% from its current
value, trading at an average price of $29,346. Roughly 20,683
community members cast their votes to determine the pricing target.
BTC Unable To Surpass $25,000 Due To Macroeconomic Conditions The
price of bitcoin fluctuates by about $21,000. Even though Bitcoin’s
recent rally tried to lift the asset out of a prolonged bear
market, the community’s forecast is still optimistic. The crypto
market reacted poorly to the Federal Reserve’s decision to raise
interest rates amid the rising inflation, but BTC’s failure to
surpass $25,000 has emerged as macroeconomic concerns continue to
take center stage. At the time of publication, Bitcoin was
significantly down 10% over the previous week. Bitcoin price
stabilizes above $21,000 as a major shift is soon to come.
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Ease Doubt Chart: CoinMarketCap According to Katie Stockton,
founder, and managing partner at Fairlead Strategies, the price of
Bitcoin, the most popular cryptocurrency, is anticipated to retrace
to $18,300. The largest coin in the world has fallen below its
50-day moving average, according to Stockton, which may be a signal
of an oncoming significant decline. Despite the turmoil,
cryptocurrency trading specialist Michal van de Poppe said in a
tweet on August 23 that Bitcoin is stable and could derive some
advantages from the Eurozone’s activities. In the past, BTC has a
tendency to fall between -14% and -28% below the 200-MA. In fact,
mid-June saw a -21% decrease in BTC below the 200-week MA, which
was in sync with historical data, he noted. Stockton Predicts
Long-Term Downturn For Bitcoin Price Since the cryptocurrency has
lost momentum, analyst now sees a higher risk of a long-term
downturn. Stockton predicts that the largest cryptocurrency’s price
will soon settle. Stockton predicts that it will most certainly
drop to the low $18,000 level following a brief relief rally.
Unfavorable macroeconomic conditions have had a significant
negative impact on the cryptocurrency industry this year, with
Bitcoin currently trading at a price that is almost 69% below its
all-time high. Related Reading: Litecoin (LTC) Near-Term Route
Could Be Determined By This Factor BTC total market cap at $414
billion on the daily chart | Source: TradingView.com Featured image
from Bernard Marr, chart from TradingView.com
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