Has Bitcoin Price Finally Found a Bottom?

Has Bitcoin Price Finally Found a Bottom?

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Answer Has Bitcoin Price Finally Found a Bottom?

Bitcoin price saw a slight correction after the Federal Reserve raised interest rates by 75 basis points again, but the price of Bitcoin was not affected much and settled firmly above $20 thousand.

Interestingly, the price of Bitcoin has risen twice from the $2080 level in a week, making this bottom a double bottom.

In addition, the data indicates that the cryptocurrency that is pouring into the spot trading platforms has reached a new all-time high.

It appears that major investors and whales have started moving their funds from stablecoins to exchanges, which is an important factor in showing where Bitcoin will bottom and its potential to move at any moment.

Read:The highly anticipated Ethereum upgrade may arrive later in June 2022

Bitcoin (BTC) Price Waits to Rise Amid Stable Coins Flow:

The stablecoins pouring into the spot trading platforms have reached a new all-time high.

This is a good sign for Bitcoin.

But it may also cause volatility and volatility in the price of Bitcoin in the short term.

Stablecoins streaming into spot trading platforms / Source: CryptoQuant

In addition, it may indicate that the price of Bitcoin will not go down from the previous low near $18,000.

Historically, large stablecoin movements have led to strong gains in the cryptocurrency market.

According to analyst Michael van de Poppe, the price of Bitcoin will remain bullish despite the Fed rate hike.

The next level for the bitcoin price should be $22.4K.

Fed hints at slowdown in rate hikes:

The Federal Reserve announced a 75 basis point rate hike for the fourth consecutive time.

However, President Jerome Powell is pessimistic about the upcoming price increases.

Meanwhile, the US Dollar Index (DXY) continued to rise, up 0.65% at 112.08.

Read:The number of Ethereum addresses holding 1 Ethereum reaches an all-time high

In addition, Wall Street banks expect traders to look to Treasuries as the Treasury remains hesitant about bond repurchase plans.

At the time of writing this article, Bitcoin is trading at $20,270 and Ethereum at $1544.

Read also:

With its treasury holding a billion dollars…Binance is looking to buy a bank!

Cryptocurrency exchange “Deribit” hot wallet hacked, $28 million stolen

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