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Why bitcoin could return to $17,000 in the near term – CryptoSaurus


Bitcoin price is slowly grinding to the downside while other major digital assets are following suit. The market is moving in tandem with the legacy financial sector, pricing in a higher terminal rate for 2023.

As of this writing, bitcoin is trading at $16,600 with horizontal momentum over the past 24 hours. In the past week, the cryptocurrency has been registering a loss of 3%. Past outperformers, such as Dogecoin, Polygon, and Ethereum, are seeing heavy losses on similar time frames.

BTC price is trending sideways on the daily chart. Source: BTCUSDT TradingView

Is bitcoin likely to bounce back in the coming days?

The number one crypto is trending down after US Federal Reserve (Fed) Chairman Jerome Powell spoke about the current macroeconomic conditions. Last week during the Federal Open Market Committee, the Fed chair highlighted its objective of fighting inflation.

This decision could lead to lower interest rates in the short term, but the Fed targets a higher terminal rate, the percentage at which the institution will eventually pivot over the long term. The market is reacting to this new reality.

according to many reports, market participants were expecting a terminal rate of around 5%, which rose to 5.5%. Interest rates can remain this high till 2024. Several Fed representatives echoed the same hawkish message. New York Fed President John Williams said:

(…) We will have to do what is necessary” to get inflation back to the Fed’s 2% target… (the terminal or extreme rate) may be higher than what we have written.

Bitcoin saw a clean rejection from the 50-day Simple Moving Average (SMA) as the Fed delivered its message. If the cryptocurrency can break this level, it could begin a bearish trend reversal and reclaim previously lost territory.

BTC is struggling with a loss of bullish momentum and is at risk of a return to yearly lows. The bulls must hold the $16,200 to $16,500 line to prevent further losses.

Data from material indicators point to an increase in volatility for the coming week. On Thursday, America will publish its job market data. If this country’s economy remains strong, the Fed will have the support it needs to continue raising interest rates.

Therefore, key economic data will remain a bearish indicator for both bitcoin and traditional equities. In contrast, content indicators record a long signal on their Trend Precognition Indicator. This signal could indicate a BTC price recovery in the short term.

Is this indicator indicating favorable volatility for the bulls after the upcoming jobless report? remains to be seen.

source: newsbtc.com





Read More: Why bitcoin could return to $17,000 in the near term – CryptoSaurus

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