Bitcoin, the world’s largest cryptocurrency by market capitalization, is flashing green after a week of bearish pressure. However, while the currency appears to be on the upswing, the bears appear to have gained some technical stability in the short-term.
Significant price changes may be imminent due to the volatility of the asset dropped due to interruption. Contrary to what it might appear to be, for now, the statistics refer to a larger downtrend.
Previously, the flagship currency surged to $25,000, a 2-month peak. That’s why investors are eagerly awaiting Bitcoin’s next price move.
Bitcoin Bull Run
According to CoinMarketCap’s crypto community survey, 20,683 members believe that the Bitcoin price will reach its target of nearly $29,346 by the end of September from its currency price level.
On the other hand, Bitcoin has repeatedly rejected resistance above $25,000, worrying traders, while the macroeconomic situation lingers. This is because, over the past few days, the cryptocurrency market has reacted negatively to the Fed’s decision to raise interest rates.
Meanwhile, crypto analysts in the space also have a positive outlook on the upcoming crypto market performance. Prominent analyst Michael van de Poppe believes that the crypto ecosystem is moving strongly towards bullish sentiment. He also stated that the chances of the market rising are much higher than falling
On the bright side, the global crypto market cap remains at $1 trillion despite the high volatility surrounding the crypto market above. It’s also important to note that the wider space is eagerly awaiting Fed Chairman Jerome Powell’s address to the audience at the annual global central bank meeting on Aug. 26.
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- Elena R
Elena is an expert in technical analysis and risk management in the cryptocurrency market. She has 10+ years of writing experience – as such, she is an avid journalist with a passion for researching new insights into the crypto age.
