Bitcoin price currently appears to be a little agitated as the US CPI rates could be out anytime from now. With the speculations of increased rates, the BTC prices have already plunged significantly in the past couple of days shedding all the gains. However, the asset appears to have settled holding a pattern ahead assuming the rates may induce decent volatility.
The star crypto after recording the previous day’s highs at $20,059.42 dropped by 4% just before the day’s close to reach $19,328.75 levels. However, the asset is still speculated to mark new bottoms in the upcoming days, which may clearly indicate the negative outcome of the upcoming rates. No doubt the BTC price may tend to rebound finely ahead, but the levels around $24,850 are expected to be tested in the next 3 to 4 weeks.
How will the BTC price respond to the upcoming volatility?
It’s a known fact that the Bitcoin price slumped hard ever since it reached its highs. Moreover, the plunge followed a wave pattern that included 220 days of a bearish cycle and just 63 days of relief. After a strong rebound from June’s bottoms at $17,568, the asset had maintained a decreased volatility, unable to clear $20,000 levels firmly.
However, if the upcoming increase the volatility it may be towards the south which could compel the price to test the lower support at $17,500 again or plunge a little lower to these levels. Further, a strong rebound may uplift the price towards the upper 0.23 FIB levels at $25,000 initially. Until then Bitcoin(BTC) price may continue to consolidate within $19,200 and $21,400 levels.
Was this writing helpful?
Source: https://coinpedia.org/price-analysis/bitcoin-calms-down-a-little-ahead-of-the-crucial-day-this-may-be-the-potential-target-by-the-day-end/