This year has been one of the most difficult times in the cryptocurrency world. The fluctuating effect of the market has led several investors to incur huge losses, with some pulling out of the business.
However, it seems the Bitcoin price level has returned to intraday resistance today, September 30, as analysts predicted that $20,000 could break before a new decline.
BTC/USD was tracked by data from Cointelegraph Markets Pro and TradingView as it crossed $19,600 at the time of writing. The day before, the pair had displayed some more erratic behavior, momentarily shedding $19,000 before bid support drove the market upward.
The monthly closing and European Consumer Price Index (CPI) data made the day appear to be significant for the bulls.
Il Capo of Crypto claimed that today is the day, referring to Bitcoin’s upcoming upward squeeze, which should eventually result in losses. He went on to say that it is a huge crap. The price movement before Putin’s speech would probably seem like a pump to 20000-20500.
A potentially more upbeat viewpoint was offered by market research firm IncomeSharks, who said that bears have recently lost confidence in shorting Bitcoin. He thinks it is incredible how swiftly things are moving up now. It used to feel as though it were heavy. Now it seems to be moving, and the wind is blowing. In contrast to their excitement, bears now appear to be shorting with a little more caution.
IncomeSharks saw that the upward momentum in US equity futures was providing for price respite across connected crypto markets. Summarized, it stated that $SPX futures were rising. This week, the markets have fluctuated virtually every other day. Bulls are firmly holding the support.
However, according to market analyst Holger Zschaepitz, the German CPI came in at 10%, the highest ever recorded rate, and reached double digits for the first time since World War II. The results will bring to an end a turbulent week for Europe, during which the Bank of England resumed quantitative easing (QE) by purchasing bonds to prevent a financial crisis in the United Kingdom.
Conclusively, Arthur Hayes, ex-CEO of derivatives trading platform BitMEX, said a virus starts in one host and moves on quickly to the next, YCC coming to a local pub near you. All central bankers think and act alike. If it’s happening in the UK, your banana republic is next.
Hayes referenced the yield curve control, or YCC, policy tool used by central banks, something he believes will also become inevitable in the future.