Bitcoin (BTC), easily crossed the $22,500 threshold today, as seen only a few hours earlier.
- Bitcoin currently trades at $22,342.12
- BTC’s bull run triggered by Ethereum Merge
- Since September 9, 2018, Bitcoin has seen 18% growth
Bitcoin hit its highest point on Monday. According to Coingecko charts BTC trades at $22,610. That’s an increase of 14.5% within the past seven days.
The gains that BTC have registered is said to be brought about by the uptick in the stock market – kind of like a domino effect.
BTC Offshoots a Key Resistance of $21K
James of “Invest Answers”, a popular Bitcoin trader and influencer, have this notion that BTC is now veering towards the $24K mark.
However, experts in crypto warn traders that they should be cautious and not execute pump-and dump transactions due to highly risky macroeconomic circumstances.
BTC registered an almost 20% increase so far on September 9 and is moving closer towards the long-term trendline of descending with resistance at $23,000.
It seems that Bitcoin’s bullish movement has been triggered by the Ethereum Merge which is announced to be rolled out on September 14. BTC also managed to rebound from an oversold area at 32, to now a reading at 39.
On-chain metrics also show the appearance of a bullish divergence with the RSI forming an ascending trendline with the coin’s weekly candlesticks cascading down.
More so, BTC’s MACD has also managed to cross over following a spike in buying activity.
Bitcoin prices have been bearish ever since January.
With this in mind traders should keep an eye out for a BTC price surge that exceeds $25,600, or breaches to the 200 MA at $30K that could indicate an optimistic shift in trends.
Waiting to see if the situation changes is key. Bull runIf the trend continues, it will.
The September 13, 2009 CPI and PPI Data Releases
Market fluctuations continue to be triggered by a variety of macroeconomic factors.
Jerome Powell is the Fed Chairman and the U.S. Federal Reserve will continue to fight inflation. He believes that central banks can keep inflation below 2%.
Even more, Loretta Messter (Cleveland Fed President) and Neel Kazhkari (Minneapolis Fed President), are strong opponents to inflation.
CME Fed Watch Tool currently shows that there is a 95% likelihood of 75 bps. Mester believes that the Fed may raise the interest rate to above 400 bps to counter inflation.
CPI will be released on September 13 along with the CPIs for Euro and UK as well as PPI for USA.
Source: TradingView.com| Source: TradingView.com Featured Image from Coinpedia. Chart from TradingView.com