The latest data shows that the leading cryptocurrency is moving away from its target of 27,000 and has exhibited a horizontal movement in price over the past 24 hours.
Impact of US Announcements on Bitcoin!
The recent stagnation in the interest rates of the United States Federal Reserve did not offer much gain to the Bitcoin bulls. The BTC/USD pair had dropped nearly $700 in the past day.
Market investors have turned to a calmer outlook due to the lack of concrete fluctuations. Crypto analyst Crypto Tony, in his statements to X followers, stated the following:
I can say that something like this would be perfect for the month of October. After slowly declining to $28,500, excitement and FOMO come and then it falls again.
In a post published on the same day, X warned that “the 21-week and 200-week moving averages are on a collision course for a DeathCross on the BTC Weekly Candle Close/Open.” The Material indicator points to a lower low (LL) at the weekly close. The analyst emphasized the following:
The 50-week MA can provide some temporary support and even trigger a short-term rally, but if the PA takes us there, it will create an LL and I believe it will open the door to test $20,000.
Possible Selling Pressure from FTX!
In the coming period, there is the possibility of FTX, a defunct exchange in the cryptocurrency markets, being liquidated. This event could contribute to selling pressure on BTC. The analyst who discussed the issue said the following:
If there is a fundamental situation, it is that FTX liquidators do not want to see too much price erosion before they start distribution and they might try to keep the price up for a little longer. This is entirely speculative but not beyond the realm of possibilities.
Among the more positive views, popular trader and analyst CryptoCon also argues that Bitcoin is in the early stages of the next bull market. The analyst, who focuses on the flagship Bitcoin, said the following in his more optimistic comments:
It couldn’t be easier than this. Bitcoin is rising during the early and late stages of the bull market and falling during the bear market.
