Bitcoin avoids a record low since June 12 as it nears $25,000
The Bitcoin market showed bullish signs on Saturday, a 0.16% increase from the day before; BTC stayed near the $25,000 mark at the end of the day. The market pattern signals a bullish trend. However, the Index remained at 46. BTC steered clear of the $24.000 mark and avoided a record low since June 12; it ended the day at $24,450. Fxempire suggests that various optimistic US market trends have added to the unpredictability of the crypto market. Crypto investors are anxious over currency’s near fate. BTC experienced a roller coaster weekend as it slid to $24,306 after beginning the day at $24,892; the currency rose above the First Major Resistance Level (R1) and Major Support Level (S1).
US inflation levels leave investors worried
Fxempire report adds that the US inflation remains significantly above the Fed’s target; it will force significant policy changes that can influence the crypto market. The government will also announce the FOMC policy next month; it can affect the market’s course soon.
BTC Fear & Greed Index showed positive signs
BTC maintained the Fear & Greed Index at 46 at the day’s end. The Index’s steady pattern will provide hope to investors despite the market’s ups and downs. Fxempire suggests that BTC’s entry into the Neutral zone could see its price move towards the $30,000 mark. The reports show that BTC last entered the Neutral zone on April 6.
The Bitcoin market has experienced a bearish trend of late. The graph shows signs of higher lows; this could mean an increase from the previous figures. Reports indicate that a downfall from the S1 ($24,206) could lead BTC to S2 ($23,965). However, a rise from R1 ($24,792) could see BTC reach $25,000. The volatility of the crypto market would test investors’ patience and keep the guessing game on.