Lots of Big HeadWinds for the Market Ahead, Yet Bitcoin(BTC) Price Assumed to be Capped at $25,500!
The markets are swinging within narrow ranges for a pretty long time, unable to slice through the prevailing consolidation. Most of the assets are unable to slice through the crucial resistance required to break through the current accumulation. While many factors indicate a thriving rally to begin soon, some analysts believe the Bitcoin price rally may reverse soon.
Multiple events are lined up which are expected to rise the markets above the current consolidation. FED in its recent conversation says that inflation could stay for a long time while the crisis in China related to Housing & banks may fuel the crypto markets. Moreover, the crisis in the EU related to inflation and gas may fuel the markets ahead.
BTC price has again dropped below $23,500 presently but in the short-term trend still manifests a significant drop still persists!
Still seeing a lot of early shorts, which makes me think the last leg up to 25400-25500 is even more likely now.Once they are out, the downtrend continues.— il Capo Of Crypto (@CryptoCapo_) August 17, 2022
Tha analyst here believes and has constantly been saying from before that the present upswing could be capped at around $25,000 or maximum until $25,500. The analyst further believes that a notable short squeeze is incoming that may impact the BTC price in the longer run.
Currently, the Bitcoin(BTC) price is around $23,385 with a notable drop of -2.87% in the past 24 hours. The trading volume has risen marginally by 2.89%, standing at $28.59 billion while the market capitalization is around $447.18 billion. BTC price has rebounded from the lower support and hence may lay down a slow yet steady upswing ahead.Source