Bitcoin reacted extremely positively as Fed rates rolled down and each time, the asset rose by over $23,000. However, Star Crypto could not manage to reclaim the monthly high above $24,000. As the asset is currently experiencing a significant downtrend.
Despite the recent drop in the price, it is expected that the BTC price will pick up a lot in the next 30 to 45 days. Will bitcoin price rise above $25,000 or remain confined below these levels?
Following the recent price rally, BTC price is expected to close monthly trading with a bullish trend, somewhere above $23,400. Furthermore, some indicators suggest that a significant upward move could continue throughout the month of August that could push the price above $25,000.
It was estimated that the Fed may increase interest rates by 100 bps to curb rising inflation. This could result in an extreme bearish move for the stock and crypto markets.
Dovish tone basically refers to the aggressive tone used to describe the current situation. However, the Fed has not shied away from its recent announcement.
The next FOMC meeting is 55 days away, somewhere in September 2022. And since no meeting is scheduled in August, a short rally can be expected.
- BTC breaks resistance
In recent days, bitcoin price is trying to comfortably break the crucial resistance at $22,400. BTC is following a bullish track as the asset is now ready to test the upper resistance
Collectively, bitcoin (BTC) price is showing an extremely bullish picture for the coming month as lower hurdles could hinder the rally. In such a scenario, it will be interesting to see whether the upcoming price action can propel the price above $25,000 or remain consolidated below these levels.