Bitcoin fell below $18.5 thousand over the weekend - TopForex.Trade

Bitcoin fell below $18.5 thousand over the weekend

The Bitcoin rate fell below $18.5 thousand over the weekend and as of September 19, the first Cryptocurrency was trading at $18.46 thousand, depreciating by 8% last Sunday.

The Bitcoin rate fell below $18.5 thousand over the weekend. As of September 19, the first Cryptocurrency was trading at $18.46 thousand, over the past Sunday, the depreciation was 8%.

The asset’s price fell to its lowest level since June 20, when it was trading at $18.2 thousand. The market capitalization of Bitcoin decreased overnight to $355 billion with a daily trading volume of $33 billion. The total capitalization of Cryptocurrencies over this period fell by 7.1% to $945 billion.

Following Bitcoin, rates of other Cryptocurrencies also went down. The price of Ethereum dropped 11% to $1.29K in 24 hours, Binance Coin (BNB) fell 6.2% to $260, and Cardano dropped 9.6% to $0.43.

Considering the past week from September 12 to 16, it was not optimistic for the Cryptocurrency market. Bitcoin losses were 9.59%. The BTC/USDT pair fell to $19.4 thousand. Bitcoin collapsed on Tuesday, September 13, after the publication of the inflation report for August in the United States, the consumer price index showed a higher value than the markets expected. Cryptocurrencies collapsed along with stocks amid the dollar rally.

Quite a lot of time has passed since the release of American statistics, and Crypto traders and investors still cannot recover. The following important event market participants are waiting for is the meeting of the US Federal Reserve on September 21. After the inflation data, market participants began to consider a 100 bp rate hike. According to the CME, the probability of such an increase is 24% versus 0% a month ago, by 75 bp. – 76%. Interestingly, there is a 57% chance of a 100bp or 4% rate hike at the November 2 meeting, which makes the markets worry.

 

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The positions of traders suffered greatly, they tried to keep the level of $19.5 thousand per Bitcoin, but it did not work out and on Monday it was trading below $18.5 thousand. Bitcoin is closely connected with the stock market, so its direction will be determined by the dynamics of stock indices. According to technical analysis, the value of the S&P 500 index broke through the trend line at around 3925 points. The Bitcoin exchange rate fell below the $20.5 thousand level, which previously acted as resistance.

Next week, we expect, mainly, the continuation of the downward trend in Crypto assets. Now the attention of Crypto market participants is focused on the FOMC meeting and the announcement of data on the US rate, which will be held on Wednesday, September 21. Raising the rate by 75 bp is already included in the price, but in the event of a sharp increase in the rate immediately by 1%, at the moment the prices on the stock and Cryptocurrency markets will be under pressure amid sales.

The nearest targets for the movement of the main Crypto assets are $17.5 thousand for BTC and $1.23 thousand for Ethereum. Buying interest at these levels is high and any significant market decline will be actively bought out by players. The annual minimum for Bitcoin is highly likely to be updated, but there is an option that the market will generally remain at current levels in the coming weeks.

 

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