What’s Happening with Bitcoin’s Price: Breaking Down the Recent Market Trends
Rising stocks, falling gold price
The ongoing debt ceiling talks in the US are currently affecting the market and investors are extra cautious. Positive signals about a deal caused stock markets to rise sharply yesterday. However, Bitcoin is behaving more like gold again this year, and gold took a big hit yesterday.
- Debt ceiling talks affecting the market and cautious investors
- Positive signals about a deal caused stocks to rise
- Bitcoin behaving more like gold again this year
- Gold took a big hit yesterday
Powell’s speech on interest
Federal Reserve Chairman Jerome Powell will give another speech later today. He may be talking about the upcoming interest rate decision of the US central bank. A few weeks ago, 0% of the market still believed that the Fed would raise interest rates again, but now 37% already expect this.
- Powell’s upcoming speech on interest rate decision
- 0% of the market believed the Fed would raise interest rates a few weeks ago
- 37% of the market now expects an interest rate hike
Sell Bitcoin miners
It looks like Bitcoin miners are once again opting to take profits. More than 2,000 BTC worth $54 million has been sold by BTC miners in the past 24 hours. This can lead to increased sales pressure.
- Bitcoin miners taking profits again
- More than 2,000 BTC worth $54 million sold by BTC miners in the past 24 hours
- Increased sales pressure possible
Bitcoin volatility extremely low
Despite all bearish signals, the price is still holding up reasonably well. As a result, volatility drops to a remarkably low level. This could lead to a major breakout, either down or up, IntoTheBlock reports.
- Bitcoin price holding up reasonably well, despite bearish signals
- Bitcoin volatility at a remarkably low level
- Possible major breakout, either down or up
The 200-week moving average
Bitcoin continues to hold above the infamous 200-week moving average, which is currently hovering around $26,200. The market often sees a dip below this limit as a very bearish signal.
- Bitcoin continuing to hold above the 200-week moving average
- Infamous 200-week moving average hovering around $26,200
- Dip below this limit seen as a very bearish signal
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