3 Experts Take On The Bitcoin Price, Will $19,000 Hold Or Break?

After a rejection of over $20,000.00, the Bitcoin price is now moving in a sideways direction. The number one cryptocurrency by market cap was benefiting from Ethereum’s “Merge” bullish momentum, but with that factor gone, bears seem to be back in control.

The Bitcoin price is currently trading at $19,000. It has lost 14% over the last week, and experienced sideways movements in the 24 hours since. This weekend, the cryptocurrency fell below $18,500 and has given bearish arguments fresh ammunition to predict a new annual low.

BTC’s price moving sideways on the 4-hour chart. Source: BTradingview TCUSDT

What is the Last Line of Defense for Bitcoin Prices?

Since late 2021, Bitcoin’s price has been trending downwards. It reached an all-time record high of $69,000. Over the next months, Bitcoin lost over 80% and crashed to a low of $17600 per year.

These lows were overcome by the cryptocurrency, which formed a near-term bottom around $18,600. In recent days, BTC’s price dropped to $18,200 which could suggest bears have gathered enough momentum to push the price into its yearly low and possibly fresh lows below $17,000.

In a post “Merge” crypto market, macro factors seem to be exercising the most influence in the nascent asset class and traditional financial markets. Since the beginning of Bitcoin’s downside price action, there has been a strong correlation between Bitcoin and major equity indexes.

According to analyst Josh Rager, the S&P 500 Index “want lower” and could drag the Bitcoin price with it. Breaking below the current level of cryptocurrency could allow for an upward move. Rage recommendedAs the market determines a direction, traders keep their U.S. dollar balances constant

Here is the Equities Chart. The chart rejected support at level above, and it looks like it would prefer lower. BTC hovers at $18k to $19k support for the fifth time. It’s not looking so good right now but maybe we get a bounce again… I’m flat currently and will keep an eye on this.

Bitcoin BTC BTCUSDT Chart 1
S&P 500 moves into critical support. Source: Josh Rager via Tweet

The U.S. Fed Wants to Influence Bitcoin Prices

Justin Bennett said that liquidity pools are being sought out by traders who leverage trades on short-term time frames. There were over $1 billion in Bitcoin long staked at around $18,850 which seems to be the main support for the cryptocurrency’s current price action.

The status quo appears to be in danger of being disrupted as tomorrow’s meeting of the U.S. Federal Reserve will see its Federal Open Market Committee, (FOMC), meet. In this meeting, the Federal Reserve (Fed) will discuss its current inflation rate and potential rise in interest rates above 75 base points (bps).

Economist Alex Krüger is aimingThere is a possibility of a short-term price movement that could be negative. However, the Fed should not exceed market expectations. Crypto market may react to unexpected changes if the financial institution raises more than 100 bps.

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