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On the 18th, Bitcoin (BTC), the leading cryptocurrency, surpassed $27,000, creating strong expectations among investors.
Cointelegraph, a cryptocurrency media outlet, explained that investors are currently paying attention to Bitcoin's low point.
As of the 17th, rising price volatility was formed due to the influence of the weekly closing price. In addition, the trend of the bulls pushing for a new record for the highest monthly transaction was observed again.
Cryptocurrency trader Credible Crypto believed that the weekly closing price could form a low point. He asserted through
“Bitcoin closed above the 200-week simple moving average (EMA),” said Michaël van de Poppe, founder and CEO of trading firm Eight. “The 200-week EMA is an important point for the bullish trend to continue,” he said. “The weekly closing price for the next week must be higher than the 200-week EMA. “If so, a trend similar to the 2015-2016 cycle will occur.”
However, some are still paying attention to key elements of the traditional market that may lead to the weakness of the cryptocurrency market.
Simon Peters, an analyst at investment platform eToro, said in a note shared with CoinDesk, a media outlet specializing in virtual assets, “There will be a nervous atmosphere in the market over the next few days. Both the UK and US central banks are expected to announce new interest rate policies. “Also, major economic indicators will be released,” he explained.
He continued, “Even with falling inflation in the US and UK, there are signs that the retreat may not be fully felt. “Like other risky assets, crypto assets are sensitive to interest rate expectations, so if tensions rise, speculative sentiment may decline,” he added.
