After a brief recovery in the cryptocurrency market, the U.S. Federal Reserve’s new announcement of a 75 basis point rate hike pushed it back.
Analyzing a candlestick chart of bitcoin prices, crypto trading expert Ali Martinez identified a key level that needs to be held for a future recovery.
As long as the $19,800 level holds, BTC has a good chance of recovering to $20,500 or even $21,000.
Additionally, Martinez added that bitcoin’s TD analysis indicates a “buy” signal.
Crypto trading expert and analyst Michael van de Poppe noted that bitcoin can be expected to go bullish if it reaches a low of $20,000. He also suggested that the upcoming Purchasing Managers Index (PMI) and unemployment data will also affect the price of BTC.
Martinez, for his part, noted that in two weeks (since September 20), nine new addresses containing between 10,000 and 100,000 BTC were created on the network, which accumulated almost 190,000 BTC worth $3.8 billion.
The emergence of new holders and large addresses that have gone into accumulation or “hodgepodge” mode has traditionally indicated increased interest from crypto investors and optimism about the future price movement of bitcoin, as well as finding a bottom.
Bitcoin is currently trading at $20,130, showing a negative 1.4% trend in the previous 24 hours and a weekly loss of 3.1%.
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