The Cryptocurrency market can be stabilizing as Bitcoin (BTC) recycles the ground $ 113000 after a small rally. BTC met a steep correction over the weekend and fell from the price level of $ 117000 to $ 111000 earlier today. However, access seems to recover and enter into a consolidation phase. According to CoinCex -data, Bitcoin (BTC) has experienced a 0.3% rally in the daily charts And no change in the 14-day charts. On the other hand, access is down by 2.4% over the past week and 1.5% in the previous month.
Will Bitcoin continue his rally beyond $ 113000?
The latest market dip was probably caused by investors’ concerns about the Federal Reserve’s monetary policy attitude. The Federal Reserve chairman Jerome Powell is scheduled to give a speech later today. Powell’s speech can hold clues for what Fed has been waiting in the coming months. Bitcoin (BTC) and the larger crypto market can take a step back before making any major movements.
In addition, October is often a raised month for the crypto market, with many who call it “up to”, while September is usually considered baisse -like. The market can follow the historical pattern and see another breakout next month. Together with a possible interest rate reduction, we could see another market -wide rally. Bitcoin (BTC) can meet a new top if market conditions are mature.
Also read: Deutsche Bank: Central banks can buy, keep bitcoin in 2030
However, there is also a chance that the Federal Reserve will take a Hawkian position. We could see volatility driven by global macroeconomic trends. Bitcoin (BTC) may face struggle in such circumstances.
