Bitcoin price is stable above 20 thousand dollars, but the negativity in the movement is still present
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Answer Bitcoin price is stable above 20 thousand dollars, but the negativity in the movement is still present
Bitcoin and other cryptocurrencies consolidated their gains with the rally that took place in the past hours, which catapulted most cryptocurrencies to a monthly high.
Over the past 24 hours, the bitcoin price has not changed much, and is still trading at around $20,240 according to coinmarketcap.
Regardless of the performance of the largest cryptocurrency, Ethereum rose 3.5% to $1,500, while altcoins such as Solana and Cardano were slightly higher.
Meanwhile, meme coins are getting more rebound, with Dogecoin price jumping 26% in the last 7 days and Shiba Inu up 6% in the last 7 days.Read:South Africa classifies cryptocurrencies as a financial asset…details here
Bitcoin is currently trading at $20,240, down more than 2% in the last 24 hours, while Ethereum is also down more than 3.5%, standing at $1,506.
Although the short-term picture appears to be relatively flat, the cryptocurrency in general remains prone to swing low again.
Bitcoin regained its desired price level of $20,000 on Tuesday afternoon, driven by the weakness of the US dollar and the movement of Bitcoin accelerated due to a wave of short sellers – traders betting on the cryptocurrency’s decline – who were forced to cover their losses and buy bitcoin.
At the moment, it seems that Bitcoin is undecided and is likely to return to the levels of 19 thousand dollars.
While most cryptocurrency users are bullish on Bitcoin, the cryptocurrency can still be affected by the Federal Reserve’s monetary policy and negative sentiment in the broader markets.
The looming catalyst for the markets is the Fed’s tightening of financial conditions, including what is expected to be the fourth largest rate hike next week.
Analysts predict that the Federal Reserve’s announcement next week could send bitcoin trading below the $18,000 level.
Bitcoin’s weakness comes from a series of bad economic news, such as inflation data, among others, which have turned market sentiment to the downside over the past several months.Read:Learn about the details of the Wanchain project partnership and the Band Protocol project
Although bitcoin has regained its price again since May of this year, the cryptocurrency has recently been doing better than other assets, including stocks, gold, the European euro, the Japanese yen, the Chinese yuan, and the British pound.Read:Ripple founder: 99.9 percent of cryptocurrency trades are based on speculation
Over the past month, Bitcoin may be more resilient, compared to other assets, as the cryptocurrency has become a major conduit for the US dollar in countries struggling with their own currencies.
Or, the resilience of bitcoin could rest on long-term crypto investors who have remained unfazed amid the recent meltdowns in the US economy.
Bitcoin is currently holding its ground, but it is not out of danger yet.
The end of the year is filled with events that could turn the tide down, including the midterm elections, inflation reports, Federal Reserve meetings, the effects of the Russian invasion of Ukraine and a potential peak in the strength of the US dollar.
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