Today’s Bitcoin price is observed in the range of US $ 23,808, down 0.37 percent in the last 24 hours. Technically, the market is eyeing $26,000 resistance, despite volume at timeframe 4 hours has shown weakness. On timeframe 4 hours later, the Bitcoin price showed a downward trend in volume, when previously it touched US$23,745 and US$24,523. Prices are moving up, but volume is low, indicating a less healthy rally.
The latest trend could be the culmination of the rally over the past week, as the market reacted positively to the Fed’s rate hike since July 27, 2022 and the US which was in a technical recession a few days earlier.
After all, since July 18, 2022 the value of the dollar has indeed fallen, because DXY has fallen below Moving Average (MA) 50 di timeframe 4 hours and the crypto market is back above $1 trillion. However, other indicators suggest BTC is still strong enough to continue its climb. As of now, there are two significant developments to come for Bitcoin. The first is the Fibonacci reclamation at 23.6 percent. Meanwhile, the market is starting to enter the bottom area bearish-his. Gradual gains from June lows of US$17,600 greatly helped Bitcoin grow sustainably and reach its current trading price and level The Fibonacci, from the lows to the April market highs, show next critical stop of BTC to US$26K. This price point is slightly above the 23.6 percent Fib line, which is very important for BTC, as it could provide the support Bitcoin needs for its rally. Second, in keeping with BTC’s market value, the recent rally allowed it to pull itself off the bottom of the market, which BTC achieved when assets were very cheap. After lingering in the same spot for over a month for the first time in 28 months, this is a win for Bitcoin. Judging from the weekly volume, BTC has indeed entered the region oversoldgetting ready to move up prints the next high. However, a number of observers still want to get a clearer picture, namely the recovery of the US macro economy, which may soften the Fed further so that interest rates can be lower. Previously, Fed Chair Jerome Powell said the policy of cutting interest rates could be carried out starting next year, if indeed inflation could be reduced to 2 percent from the current 9.1 percent as of June 2022. The era of low interest rates is the main reference for the crypto and stock markets to reach higher positions, because it actually stimulates investors to make massive accumulations in the financial market, shifting away from deposits and bonds.