As seen a few hours ago, Bitcoin (BTC) easily crossed the $22,500 mark today.
- Bitcoin is now trading at $22,342.12
- BTC’s Bull Run Triggered by Ethereum Merge
- Bitcoin registers 18% gain since September 9
Bitcoin peaked on Monday and as shown on the Coingeco chart, BTC was trading at $22,610, up 14.5% over the past seven days.
The gains that BTC recorded are said to have brought the stock market bullish – sort of like a domino effect.
BTC hit $21K. major resistance to
James, a popular bitcoin trader and influencer of “Invest Answers”, is of the view that BTC is now heading towards the $24K mark.
But, crypto experts also caution traders to be careful and avoid pump-and-dump maneuvers, especially due to the highly risky macroeconomic conditions.
On September 9th, BTC is up almost 20% so far and is approaching a long-term downtrend line with a key resistance at $23,000.
Bitcoin’s bullish movement appears to have been triggered by the Ethereum merge, which is announced to begin on September 14. BTC was able to bounce back from the nearly oversold zone of 32 to a reading of 39 so far.
The on-chain metrics also show the presence of a bullish divergence with the RSI forming an ascending trend line cascading below the weekly candlesticks of the coin.
Moreover, the MACD for BTC has also managed to cross above following an increase in buying activity.
Since January, the price of bitcoin has been showing one low after another.
With this in mind, traders should keep an eye out for a BTC price push above $25,600 or a breach of the 200-MA in the $30K area which indicates an optimistic turn in the trend.
The key here is to wait and see if Bull Run Will continue or if the current trend remains persistent.
CPI, PPI to be released on 13th September
Several macroeconomic conditions continue to cause market volatility.
The US Federal Reserve is set to continue battling inflation, with Fed Chairman Jerome Powell firmly believing the central bank can reduce the inflation numbers to less than 2%.
In addition, Loretta Meester, Cleveland Fed President, and Neil Kashkari, Minneapolis Fed President, are both strong advocates against inflationary threats.
At this point, the CME Fed Watch Tool has revealed a 95% probability of 75 bps. The current interest target rate is at 225 to 250 bps, but Meester says the Fed may raise the interest rate above 400 bps to fight inflation.
The CPI date is scheduled to begin on 13 September with the CPI for both the Euro and the UK as well as the PPI for the United States.
BTC total market cap at $431 billion on the daily chart | Source: TradingView.com Featured image from Coinpedia, Chart from TradingView.com