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BTC continues to close below the $26,800 region, which it should not lose. Cumulative volume is below $25 billion. As the indifference continues, the ongoing selling in BTC price does not bode well for investors. So, what does technical analysis indicate for BTC? Can cryptocurrencies rise again?
Current Economic Situation
The Federal Reserve did not raise interest rates at its meeting on September 20, but Powell’s comments had worse consequences than an increase. The ambiguous comments and signals of further increases in inflation were concerning, especially as oil targets the $100 region from the $92 level.
Fed Chairman Jerome Powell warned that there is a long way to go in the process of sustainably reducing inflation to 2%. The upward revisions in the dot plot data, which shows the annual interest rate expectations, were noteworthy. The current expectation is that there could be a reduction of around 50bps in the near future, expected to take place in September 2024.
Bitcoin Current Predictions
Bitcoin has been trading between moving averages for the past few days. This narrow range combined with the historical negativity of September has led to a boring period that draws attention to indifference. Crypto investors are waiting for lower levels for buying and even days when many uncertainties are eliminated.
There are many different details, from the potential Binance case opened by the US Department of Justice to the possibility of an appeal against the GBTC decision by the SEC. On the technical side, buyers are trying to keep the BTC price above the 20-day exponential moving average ($26,520).
If they can continue to stay strong, we may see the bulls retesting the 50-day average at $27,050. The next target is the retest of $28,143. Overcoming this region will be sufficient for the reversal of the downtrend.
The bears aim to keep the price below $26,520 and retest $24,800. If they succeed, the next targets will be $23,500 and $22,000. This will trigger significant losses for these altcoins.
We mentioned the Elliot chart published by QCP analysts this week. They believe that the price will drop to $23,000 regardless, unless a surprise move to $32,000 occurs.
