Bitcoin reclaims $21K as US dollar corrects: What analysts are saying about BTC

Crypto Update
4 Min Read

Bitcoin It has broken above the $21,000 mark in intraday trading on Friday, keeping a recent bear market rally as a hot U.S. Dollar Cools down some of its speed.

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Weak dollar index sees rally in riskier asset markets cryptocurrency And shares Heading up again before the weekend.

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A look at the performance of the major cryptocurrencies today shows that we are currently seeing 9.7% returns over the past 24 hours. bitcoin (BTC/USD) currently embraces $21,186 on the weekly time frame to keep ‘Digital Gold’ in a positive over 5%.

The stock market has also seen decent gains as Bitcoin recovers from bearish June 2022 levels (all major US indices are up over 1% as of 11:30 am on Friday). Meanwhile, the greenback has bottomed out against a basket of its peers and is down about 1%.

Bitcoin Price: Analyst Opinion

Bitcoin has also reclaimed the market cap level of $400 billion, raising the total crypto market capitalization to $1.09 trillion, with a 24-hour change of +6.4% at the time of writing.

What’s next for BTC? Some of the top crypto analysts have shared their short-term projections and analysis,

pseudonymous crypto analyst wolf of some streets They say The decline to lows of $18,500 was fueled by a stronger dollar. The trader shared via Twitter:

“At the moment, the dollar is correcting and the stock market is showing a bit higher, this gives strength to the crypto market and has a high chance of a recovery. On the weekly chart, it reminds me of a double bottom formation and a consolidation sees like. “

Altcoin Sherpa says the $21,700 area could be of interest to the bears, however a breakout here could set bitcoin towards the $23k level.

Another popular crypto analyst with over 328,000 Twitter followers, Reckitt Capital, holds the same view as above. He believes that bitcoin could rally to the 200-week moving average (above $23,200) before turning resistance.

Earlier in the day, as bitcoin climbed above $20,000, Marcus Sotirio of UK-based digital asset broker GlobalBlocks told clients in a note to clients that the market was looking for optimism ahead of “next week’s inflation report”.

He wrote:

“Gasoline prices have been reported to be negative for two months in a row – down 8% in July and then down 13% in August. This, along with the breakdown of respondents in the ISM report last week, is showing slow delivery times, whose This could result in a further decline in the year-on-year US CPI on September 13th.

Sotirio suggests that BTC may rebound in the report, as inflation fears may take place ahead of the Fed’s September meeting.

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