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Investing.com – The rose slightly over the weekend, reaching a high of $19,428 on Saturday, before retreating late Saturday and Sunday, but still holding the key threshold of $19,000.
In the end, the evolutions of the BTC/USD over the weekend therefore had very little impact on the underlying trend.
Recall that last week, Bitcoin and the cryptocurrency market in general experienced a spike in volatility, due to the publication of US inflation figures for the month of September.
These have indeed turned out to be higher than expected, which has reinforced expectations of a further sharp increase in Fed rates, thus having a downward impact on cryptocurrencies, including Bitcoin. However, after an initial negative reaction, Bitcoin benefited from bargain buying, and arguably also a short squeeze, which allowed it to rebound and more than reverse its post-CPI losses.
Thresholds to watch on Bitcoin this Monday
The rebound unfortunately came to a halt before BTC could regain the key threshold of $20,000, which therefore remains an immediate obstacle that should encourage potential buyers to be cautious. On the other hand, shortly above $20,000, another confirmed resistance can be found near $20,500 and is also an important obstacle to consider.
On the other hand, the $18,200/$18,500 area is strong support that also calls into question the possibility of further lows for Bitcoin.
The situation therefore remains uncertain for now that Bitcoin, as evidenced by the flat short-term charts in recent hours, and it may be necessary to wait for the first economic data of the week to see the cryptocurrency choose a clearer direction. . In particular, traders will be watching the German ZEW Business Climate Index tomorrow, and especially the Eurozone CPI for September on Wednesday at 11am.