In a daring display of bullish power in the cryptocurrency space, Bitcoin has recently breached the significant $26,000 benchmark, its live price standing at a steady $26,553, with a minuscule 0.10% increase over the past 24 hours. Encouragingly, a trading volume of $6.6 billion suggests strong and lingering interest in the crypto titan that flaunts a daunting live market capitalization of $517 billion atop the CoinMarketCap rankings at position #1. As the circulating supply of 19,488,087 BTC coins nudges closer to the 21,000,000 BTC ceiling, enthusiasts and investors alike pose the pressing question: will the upward trend in Bitcoin’s value continue?
In the coming week, the prospect of several impactful economic events looms large, potentially swaying Bitcoin’s price dynamics due to the cryptocurrency’s correlation with macroeconomic elements. Eyes and minds will turn to the Federal Reserve on Wednesday, September 20th, for the Federal Funds Rate announcement, which is currently fixed at 5.50%. The same day will see the FOMC Economic Projections, Statement, and Press Conference, all of which have the capacity to induce a ripple effect as diverse stances can cause significant fluctuations in traditional markets, often bleeding into the crypto market’s landscape.
As Thursday unfolds with the Unemployment Claims data, predictions hint at an increase from 220K to 222K, while Friday will wrap up the week with the much-anticipated Flash Manufacturing PMI and Flash Services PMI – projections at 47.9 and 50.8, respectively. These robust indicators offer crucial insights into the economy’s wellbeing and could indirectly determine Bitcoin’s price trajectory based on the effect they have on market sentiment.
The current technical landscape surrounding Bitcoin could imply an imminent bearish trend. As Bitcoin teeters at the cusp of the $26,500 support level —formerly an obstruction— it remains firm near the $26,800 resistance, indicating a potential double-top pattern. A descending trend line around $26,750 could limit Bitcoin’s ascent; should this barrier be surmounted, it may set sights on reaching $27,000.
However, failure to break past the $26,750 checkpoint may provoke retreat to $26,600 or even a retest of the $26,000 support rung—a move that could trigger heightened selling, potentially pushing prices down towards a $25,250 mark. This incoming wave of activity is expected to get nods of approval from several technical indicators like the 50-day exponential moving average and the relative strength index that signal potential bullish momentum.
Whether you place your bets on buy signals if prices ascend beyond the $26,500 pivot point or sell signals, should prices slip below, do not forget to stay nimble and informed, notably with our top 15 alternative cryptocurrencies and ICO projects lined up for your perusal in 2023 as chosen by industry experts from Industry Talk and Cryptonews.
Disclaimer: Fondness for cryptocurrency projects should not be perceived as financial advice—cryptocurrencies are perilous investments with drastic volatility, hence it is paramount to exercise due diligence.
Source: Cryptonews
