THELOGICALINDIAN - Bitcoin and the absolute cryptocurrency bazaar responded absolutely to the Fed Chairmans accent beforehand today apropos how the axial coffer wants to acknowledge to aggrandizement of the US Dollar
During the speech, he additionally acclaimed that the axial coffer is ambience its architect on a 2% anniversary aggrandizement target.
This accent collection macro asset prices higher, with Bitcoin, gold, and added alleged “hard assets” all gaining.
This drive has not been enough, however, to accelerate the criterion cryptocurrency aloft a few key levels that accept been suppressing its strength.
As such, it is a able achievability that BTC will see added near-term weakness afore it is able to advance any higher.
Bitcoin Faces Rejection Following Fleeting Pump to $11,600
Earlier this morning, Bitcoin’s price was able to pump as aerial as $11,600 afterward the speech, with this assemblage appearance a breach aloft both a bottomward trendline and a key accumbent attrition level.
Bulls were not able to sustain this momentum, however, and the crypto after beneath bottomward to lows of $11,350.
This is about area it is currently trading, with beasts and bears both allusive for ascendancy over its near-term trend.
Until it can durably breach aloft $11,500 and blast the bottomward trendline that has been allegorical it lower over the accomplished few canicule and weeks, there’s a able achievability that added downside is imminent.
Here’s How Low BTC May Plunge If Bulls are Unable to Take the Reigns
While speaking about the cryptocurrency’s near-term outlook, one analyst explained that he believes Bitcoin could abatement as low as $10,000 afore it can acquisition any able support.
To absolve this bearish outlook, he credibility appear a able bottomward trendline that has been formed in the time afterward BTC’s bounce at $12,400. This can be apparent in the beneath chart:
Because $10,000 is a historically and psychologically important abutment level, a dip to the clamminess that exists actuality may advice accelerate it surging higher.
