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Bitcoin Price This Tad Close To Reclaim $23,000 – Will It Hit The Target?

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Bitcoin Price This Tad Close To Reclaim $23,000 – Will It Hit The Target?
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Bitcoin (BTC) easily brushed past the $22,500 mark today as seen a couple of hours ago.

  • Bitcoin now trades at $22,342.12
  • BTC’s bull run triggered by Ethereum Merge
  • Bitcoin registered 18% gains so far since September 9

Bitcoin was able to peak on a Monday and as shown on Coingecko charts, BTC was trading at $22,610, up 14.5% in the last seven days.

The gains that BTC have registered is said to be brought about by the uptick in the stock market – kind of like a domino effect.

BTC Offshoots Key Resistance Of $21K

James of “Invest Answers”, a popular Bitcoin trader and influencer, have this notion that BTC is now veering towards the $24K mark.

But, crypto experts are also quick to warn traders to be wary and avoid executing a pump-and-dump maneuver especially due to extremely risky macroeconomic conditions.

On September 9, BTC has registered a nearly 20% gain so far and moved close towards the long-term descending trendline with a key resistance at $23,000.

It seems that Bitcoin’s bullish movement has been triggered by the Ethereum Merge which is announced to be rolled out on September 14. BTC was also able to bounce back from a nearly oversold zone at 32 to now at a reading of 39.

On-chain metrics also show the appearance of a bullish divergence with the RSI forming an ascending trendline with the coin’s weekly candlesticks cascading down.

More so, BTC’s MACD has also managed to cross over following a spike in buying activity.

Since January, Bitcoin price has been straight bearish showing one low after another.

With that in mind, traders must keep an eye on a BTC price push that goes above $25,600 or a breach to the 200-MA at the $30K zone that hints an optimistic change in trends.

The key here is to wait and see whether the bull run will continue or if the current trend remains consistent.

CPI, PPI Date To Be Released September 13

Several macroeconomic conditions continue to cause rapid fluctuations in the market.

The U.S. Federal Reserve is set to continue battling inflation with Jerome Powell, Fed chairman, having strong convictions that the central bank can push the inflation numbers under 2%.

More so, Loretta Mester, Cleveland Fed President, and Neel Kashkari, Minneapolis Fed President are both strong advocates against the perils of inflation.

At this point, the CME Fed Watch Tool has revealed a 95% probability of 75 bps.  The current interest target rate is at 225 to 250 bps but Mester says that the Fed might increase the interest rate above 400 bps in the quest to fight off inflation.

CPI date is set to be rolled out on September 13, alongside the CPI for both Euro and UK, as well as the PPI for the United States.

BTC total market cap at $431 billion on the daily chart | Source: TradingView.com

Featured image from Coinpedia, Chart from TradingView.com

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Uniswap Could Slide Below Support Zone

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Uniswap
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On Thursday, the $6.7 price range of Uniswap was rebuffed once again. The momentum has slowed on the shorter time frames, which is a bearish indicator for traders and investors.

It’s possible that the recent decline in Bitcoin’s value is responsible for UNI’s lag.

Statistics show that there is a moderately high relationship between UNI and Bitcoin.

Recent price changes for both coins show a strong correlation between them. UNI has been closely following Bitcoin’s price action.

As the bearish slump in Uniswap continues into its second day, the currency pair may be retracing its recent gains.

As of this writing, UNI is trading at $6.45, up 12% in the last seven days, data from Coingecko show, Friday.

Uniswap Indicator: Bearish

UNI fell to a closing price of $6.379 yesterday, 7.62% lower than its September 28 closing price of $6.555. Price action in the past is also suggestive of a developing bearish momentum.

The momentum indicator is at a bearish low at the moment.

Daily and 4-hourly trends tell the same pattern as well. The amount of UNI currency on hand is at an all-time high, per CryptoQuant statistics. Foreign exchange reserves on the rise portend worse conditions.

As of this writing, daily UNI transaction volume in the shorter time frames from September 27 to now has been volatile.

During this time range on September 27, UNI rallied and tested the $6.7 resistance level. This price trend mirrored that of Bitcoin.

Although demand for UNI is not very great, both BTC and UNI are currently exhibiting indications of recovery.

A Retreat, Or Advance?

A recent research predicted that UNI would decline to $5.50, a volatile region that might spark a bigger sell-off in the crypto.

A decline of this nature could prompt investors and purchasers to acquire a position inside the aforementioned price range, restoring the currency to its current value.

However, UNI’s technological aspects are relatively neutral. On the charts, this appears as a near-stabilization of the price, which is supported by the 38.20 Fibonacci level.

This neutrality of the technical indicators and the relatively stable price range can assist the bulls in gaining strength for a breakout.

However, UNI has struggled to surpass the $6.49 level of resistance.

A breach of this resistance might initiate a gradual rally toward the $6.7 price level.

As the price trend wanes, UNI has a same chance of falling to $5.5 or rising to $6.7.

UNI total market cap at $4.95 billion on the daily chart | Source: TradingView.com

Featured image from Brightnode, Chart: TradingView.com

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Binance Registers as Financial Service Provider in New Zealand

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Binance Registers As Financial Service Provider In New Zealand
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