Bitcoin analysts say the bulls have a lot of work to do as the BTC price enters consolidation. Bitcoin (BTC) gave way to sideways movements, replacing six-week highs on October 27. It has achieved consolidated benefits while moving in this direction.
“Surprisingly Bitcoin remains calm at these levels”
According to TradingView data, BTC hit local highs of $21,012 the previous day. It later declined to $ 20,500 levels. The leading cryptocurrency was in line with US equities at the Wall Street opening.
In this middle, the US dollar index (DXY) started to retrace losses during the day. Thus, it provided a headwind against risk assets that eased for most of the week. At this midpoint, DXY had seen its lowest levels since mid-September.
Gross domestic product (GDP) data showed a recovery for the US economy in the third quarter. This data was valuable before the Federal Reserve’s decision on interest rates. Eric Winograd, head of advanced market economics research at AllianceBernstein, comments:
This GDP number is weaker than before, although the headline is positive in terms of the signal it sends about the strength of the economy going forward.
In Europe, the European Central Bank (ECB) increased key interest rates by 0.75%, in line with expectations. Michaël van de Poppe, founder and CEO of Eight trading firm, shared:
Today is the big day. The ECB comes from the US with politics and GDP numbers. To be honest, Bitcoin remains calm at these levels. I would have expected a more valuable fix since the last attack.
In this sequence, Koindeks.comAs you follow, the latest information from CME Group’s FedWatch Tool puts the probability of the Fed copying the 75 bps increase to 90.8% on the day.
Will BTC go to $14,000?
The well-known crypto analyst, nicknamed Rekt Capital, analyzed the weekly Bitcoin chart. The analyst says that it is necessary to retrace the area below $22,000 quickly for the uptrend to continue. In this direction, it emphasizes as a valuable region. “BTC is slowly approaching the red resistance area,” he wrote in a post on October 26.
In the middle, another analyst, nicknamed Crypto Capo, says that if the bulls want $23,000 to happen, $21,500 should form the basis for consolidation. The analyst’s “main scenario” remains as a return to new macro lows for BTC, potentially reaching $14,000.