"Waiting for the denouement". What will happen to Bitcoin in the coming week?

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Author: Liam Miller
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"Waiting for the denouement". What will happen to Bitcoin in the coming week?

Bitcoin rate forecast for the week from September 25 to October 1



The expert analyzed the situation on the market and told how it may change in the coming week

 

On Sunday, September 23, bitcoin (BTC) traded at $26.5 thousand, its price remained at the level of the end of the previous week. The specialist analyzed the situation on the market and assessed the prospects of bitcoin rate movement for the next seven days.

BTC/USD
26 629 +16 (0,06%)
Sep 24

"Aggressive sales are not observed"
BitRiver financial analyst

Key events of the week:

  • News on Binance.US and SEC provided support for the exchange rate.
  • The expectation of the US Federal Reserve's rate decision restrained the growth.
  • The Fed's decision strengthened the dollar and put pressure on bitcoin.
  • Falling stock indices increased the pressure on cryptocurrencies.
  • Despite the negative external background, bitcoin managed to hold above $26 thousand.
  • During the week bitcoin traded in the range of $26,500 - $27,400. On Monday, the price rose to $27,409 on positive news on Binance.US. The judge refused the SEC's demand for more information and documents from Binance.US. Instead, he suggested that both sides work on the requests as part of the evidence, reduce the amount of information requested, and allow testimony from some shareholders.

Tuesday's rise continued to $27,483 ahead of the Fed's decision. After the regulator's Sept. 20 meeting, the rate went down and fell to $26,568. On Thursday, the price sagged to $26,377. The U.S. Federal Reserve left the benchmark interest rate unchanged at 5.5%, which was in line with expectations. The Fed signaled another increase this year.

Bitcoin rose 0.05% to $26,580 on Friday, September 22. Trading was calm. The price was hovering around the $26,600 level. Crypto-investors took a wait-and-see attitude, while in other financial markets continued to fall in stock indices and strengthen of the dollar after the decision of the U.S. Federal Reserve.

In particular, the U.S. stock indices S&P 500 and Nasdaq 100 spent most of the trading session in the positive zone, but by the end of the day went into negative territory by 0.3%. The yield on 10-year U.S. Treasury bonds once again hit the highs of the year. Investors continue to assess the implications of the Fed's recent decision, which hinted at the possibility of further rate hikes.

Bitcoin has not sagged much against stock indices. Intraday support is at $26,200. BitRiver estimates that the next one is located at $25,920. The technical picture for buyers remains positive. For bitcoin to go up in one, buyers need positive news.

Next week, the economic calendar is sparse. The direction of risky assets will be determined by the dynamics of the dollar index and stock indices. There are no aggressive sales on the hour timeframe. Buyers are still set to grow above $28,500 if the external background improves.

Despite the negative impact of external factors, bitcoin managed to hold its position above the important level of $26,000. We are waiting for the denouement.

 

 

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