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Wednesday, September 28, 2022

Bitcoin Price Aiming For A $42K Close

Recently, Bitcoin bulls rushed in to defend the price level of $40,000 after a massive retest took place of the support of $38,000 on the 7th of March. The momentum and confidence that kept building up at the early part of this month were then completely shattered after the cryptocurrency failed to break into the resistance zone of $44,500 for the third time in this month on the 2nd of March.

The price rally of the cryptocurrency on the 9th of March was also partially attributed to the unexpected inflation data report as put forward by the United States. Most analysts have been expecting another 40-year record high with the CPI reaching yearly gains of 7.9%.

Bitcoin Price Might Go Down For The Third Time This Month

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According to a statement made by Janet Yellen, the Secretary of the United States Treasury, it was understood that the executive order of the POTUS on most of the digital assets was seemingly milder than most expected. Although it has been deleted from the official website of the US Department of Treasury- as it was uploaded early, the order was reported to be a call for a comprehensive and coordinated approach to a digital asset policy- that would bring into play several cryptocurrencies like Bitcoin. 

Now, with the Bloomberg Commodities Index managing to reach an all-time high of 134 on the 8th of March, the recent strength of Bitcoin should definitely not come up as a major surprise. Despite it being corrected to 129, the BCOM gains that were accumulated in 30 days currently remain at 18.5%, as mentioned by MarketWatch. 

According to the interest laid bare on the options expiry on Friday, the bulls of Bitcoin managed to put heavy bets between the price ranges of $44,000 and $48,000. These levels do seem to be pretty optimistic currently, but the cryptocurrency did manage to test out this level eight days ago.

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