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Bitcoin (BTC) returned to intraday resistance on Sept. 30. Analysts predicted he could break out of $20,000 before another drop.
Cointelegraph Markets Pro and TradingView It followed BTC/USD as it was hovering around $19,600 at the time of writing.
The pair has been more volatile the day before, briefly losing $19,000 before buying support lifts the market higher.
Combined with the European Consumer Price Index (CPI) data, this looked to be a big day for the bulls.
Geopolitical events, including Russia’s official annexation of Ukrainian territories, and their consequent repercussions were also on traders’ radars. Russian President Vladimir Putin was to speak at a ceremony to formally ratify the four regions of Ukraine joining Russia.
“Today is the day” Crypto’s Il Capo Declaredreferring to the next squeeze of Bitcoin which should then turn into a loss.
he continuation It is likely that price action will take the form of a ‘rise from 20000 to 20500’ before Putin’s speech.
In a potentially more optimistic view, market analytics firm Income Sharks argued that bears have lost confidence in shorting Bitcoin recently.
Bitcoin Selling Pressure Has Decreased Significantly Said Twitter followers on September 29th.
“Now it’s amazing to see how fast we can go up. It felt like the weight was gone. Now it feels like the wind is blowing and it’s moving.” It looks like a slightly more cautious short that’s a shift from the Euphoria that was playing.”
Meanwhile, on the same day, IncomeSharks noted that U.S. stock futures are gaining momentum, driving prices lower across correlated crypto markets.
“$SPX Futures Rise. Markets Flip-Flop Almost Every other Day This Week. Bulls Holding Support in Strength”, it wrap up.
In Europe, the situation was less attractive as the consumer price indices of the Eurozone member states produced eye-popping results.
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Germany’s consumer price index hit a record high of 10%, hitting double digits for the first time since World War II, said market commentator Holger Zszepitz. I got it.
Eurozone headline inflation data for September was due for release today, but still expected at the time of writing.
The figure will cap off a turbulent week in Europe as it returned to quantitative easing (QE) with the Bank of England buying bonds to avert a UK meltdown.
If the Bitcoiners responded, it was only a matter of time before other central banks followed suit.
Arthur Hayes, former CEO of derivatives trading platform BitMEX, said: I have written at the time.
YCC coming to your local pub near you. All central bankers think alike and act alike. BTC is Sir Satoshi’s remedy.”
Hayes referred to Yield Curve Control (YCC), a policy tool used by central banks.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.
