Another rate hike coming? – Yesterday, the chairman of the FED (American Federal Reserve) made a speech in line with the direction of a new tightening to come despite the fall in inflation. Bitcoin fell sharply last week. If another rate hike is put in place in September, BTC could continue to be fragile. However, since 2020, BTC has been the king of financial assets.
Bitcoin price stagnates in 24 hours
Buyers and Sellers neutralize each other around $26,000. Bitcoin price stagnates in 24 hours :
In the end, BTC stalled for a weekand displays a down nearly 12% in a month. In three months, the course is in 4% decrease. The BTC/ETH pair stagnates in 24 hoursbut she is 1.8% increase in one week.
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Despite the recent drop, the price of Bitcoin has outperformed other financial assets since 2020
The recent fall has cryptocurrency investors cringe. Indeed, BTC has dropped more than 20% from the top known in 2023. However, it is sometimes interesting to take a step back. On his X account (Twitter), Michael Saylor, the boss of MicroStrategy, published the performance of various financial assets since August 10, 2020. This is simply the date when the company started its BTC strategy :
The price of BTC has had highs, but also lows. Indeed, the king of cryptocurrencies experienced, in 2022, a heavy bear market who brought the course back to $15,500. However, since August 2020, the BTC shows a performance of 118%. Despite the fact that the S&P 500 marks a positive performance, the BTC performance remains four times greater. Also, an operator who bought gold in August 2020 would have seen his investment melt by 7%.
Buyers need to defend support at $26,000
The price of BTC stagnates around $26,000, and this level must be defended by buyers. The course has recently attempted to bouncebut the resistance at $26,700 rejected the course:
In the event of a new rebound, the price will have to rub against the resistance at $26,700. A close above the last high marked at $26,800 would allow the price to return to the level of the resistance at $27,300. On the other hand, if the bracket at $26,000 is lost, the price could return to the level of the bracket at $25,000. The RSI tries to bounce off the level of the bullish trendline. There should be bottoms and rising tops on the other side of the trendline.
Despite the various falls that the price of Bitcoin has experienced since August 2020, it shows an increase of 118%. A performance that far exceeds other financial assets such as the S&P 500, the NASDAQ or gold. In the short term, the price is stabilizing around the support at $26,000. The buyers must continue to defend the support to avoid moving back to $25,000. For its part, Ethereum could also experience a rebound.
Closer to Bitcoin news
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