Coinbry

  • Market Cap: $2,481,684,921,838.76
  • 24h Vol: $139,883,230,109.06
  • BTC Dominance: 51.77%
What is causing the stagnation of Bitcoin price?

What is causing the stagnation of Bitcoin price?

Bitcoin’s price has been trading within a narrow range for several days, indicating a flat market trend. The recent drop below $30,000 was primarily due to the Federal Reserve’s interest rate hike, which historically has had a bearish impact on non-yielding cryptocurrencies like Bitcoin. However, Wall Street economists predict a rate hike pause in the next Fed meeting, which could limit Bitcoin’s downside. On the other hand, Bitcoin struggles to stay above $30,000 due to broader market risks, including regulatory uncertainty and recent exploits in the decentralized finance sector. Institutional interest in Bitcoin has also been declining, with investors withdrawing funds from Bitcoin-based investment products. From a technical standpoint, Bitcoin is currently holding above its 50-day exponential moving average and aims to break above $30,000, with a potential target of $31,500. However, a decisive break below the 50-day EMA and the ascending trendline could lead to a crash towards the 200-day EMA near $27,000. It’s important for readers to conduct their own research and make informed decisions when it comes to investments and trading.

Summary:

– Bitcoin’s price has been trading flat for days

– The recent drop below $30,000 was due to the Federal Reserve’s interest rate hike

– Wall Street economists predict a rate hike pause in the next Fed meeting

– Bitcoin faces challenges staying above $30,000 due to regulatory uncertainty and recent exploits in the decentralized finance sector

– Institutional interest in Bitcoin is declining

– Bitcoin aims to break above $30,000 with a potential target of $31,500

– Breaking below key support levels could lead to a crash towards $27,000.

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