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Sunday, August 14, 2022

Bitcoin Needs To Close Its Price At $29,450

The price of Bitcoin kept all the traders guessing into the weekly close on the 5th of June as to how the price action would work itself out over the weekend. According to data that was received from TradingView and Cointelegraph Markets Pro, it was understood that the exchange had been circling the opening level on the 30th of May- which was just $300 higher just a week ago.

With mere hours to go before the weekly candle ended up closing, the pair thus went on to retain the threat of yet again sealing another lower low. This would definitely take the cryptocurrency to a completely new record in terms of consecutive red weeks. 

Bitcoin Has To Close In At A Sum of $29,450

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Crypto Santa, a really popular Twitter account, went on to state that it felt Bitcoin would likely be getting a Weekly close above the price of $28.5k, which would definitely imply further ranging PA for the next few weeks. As reported by Cointelegraph, the BTC/USD exchange definitely continued to trade into a really tight range throughout the week- since it recovered from its lows of $23,800 in May.

The trader also noted that the inflation data from the United States was still to arrive in the next few days, which would take the form of the consumer price index readout for May. 

Jeffrey Rosenberg, the senior portfolio manager for systematic multi-strategy at asset management giant BlackRock, informed Bloomberg that the jury was still pretty out in terms of the inflationary trajectory. He believed that no one could really get the Feds truly out of the business of focusing on the number one priority- which would get inflation down for Bitcoin.

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While several traders did predict that Bitcoin would definitely be revisiting the lows of May, one cohort of traders remained quite bullish about the whole scene.

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