We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
This website does not provide services to residents of United States.
Market News Bitcoin Price Forecast as Bears Push BTC Below $27,000 Support

Bitcoin Price Forecast as Bears Push BTC Below $27,000 Support

Recent market activity has seen the pioneering cryptocurrency fall below the crucial $27,000 support level, as Bitcoin's volatile movement persists.

TOP1 Markets Analyst
2023-09-22
7947

 Bitcoin 2.png

 

This downward momentum has left traders and investors with an important question: Is this a temporary decline or the beginning of a protracted bear market?

 

This recent decline may present a golden opportunity for those seeking to buy the plunge.

Bitcoin Price  

According to the most recent data, Bitcoin is currently valued at $26,690, a decrease of 1.5% over the past 24 hours. Despite this setback, Bitcoin maintains its preeminent position as the most valuable cryptocurrency on CoinMarketCap, with a live market capitalization of $520 billion.

 

With its circulating supply nearing 19.5 million BTC, it is essential to analyse the broader market context and indicators to determine the future trajectory of this cryptocurrency titan. 

The BTC Price May Be Influenced By The Fed's Interest Rate Decision

The value of Bitcoin has proceeded to exceed $26,900. This is primarily attributable to Federal Reserve Chair Jerome Powell's recent announcement of prospective interest rate hikes if the economy continues to perform well.

 

In addition, the central bank has confirmed that its current interest rate range aligns with market expectations.

 

The recent decision by the US Federal Reserve (Fed) to maintain interest rates between 5.25 and 5.5% was a relief to global markets.

 

However, they hinted at the prospect of a 2023 rate increase. This news had an impact on the cryptocurrency market, with Bitcoin and Ethereum remaining relatively stable over the past twenty-four hours.

 

It is noteworthy that Fed Chair Jerome Powell's mention of a possible rate hike later this year had a discernible effect on market dynamics.

 

In September, Bitcoin's market sentiment has become neutral, indicating investor caution. 

Arthur Hayes Speculates Regarding Chinese Capital Flight and Bitcoin

X (formerly Twitter), according to former BitMex CEO Arthur Hayes, may be experiencing a capital outflow from China.

 

The Chinese yuan (CNY) has depreciated 15% against the US dollar (USD) this year. This has raised concerns that China may pursue alternative investments, such as Bitcoin, to hedge against economic volatility.

 

Hayes consulted China specialist Andrew Collier, who analysed China's export earnings and foreign reserves disparity.

 

It was discovered that approximately $520.85 billion is unaccounted for, suggesting that this sum may be invested in various assets, such as Bitcoin and other cryptocurrencies.

 

Hayes also mentioned the relationship between the Chinese yuan and the Japanese yen (JPY), which could have additional effects on capital leaving China.

 

This information may have a positive effect on the Bitcoin (BTC) price. If China invests a substantial quantity of capital as a hedge in cryptocurrencies like Bitcoin, this could increase demand and its value.

 

Nevertheless, market responses may differ based on the actual movement of funds.

Bitcoin Price Forecast

Bitcoin is currently trading with pronounced volatility, having already breached the critical support level at $26,600, according to an analysis of the technical landscape.

 

Previously, this level acted as resistance, but subsequent candle closures, notably on the 4-hour chart, have strengthened it as a solid support for BTC.

 

Despite the strength of the US dollar, Bitcoin began to decline. A bearish engulfing candle has now formed, signalling a bearish breakout for BTC.

 

This breach of the $26,650 threshold has exposed Bitcoin to the immediate support level of $26,300. A further decline could threaten the ensuing support located around $26,000 if it is tested.

 

Bitcoin's trajectory on the 4-hour timeframe has fallen below the 50-day exponential moving average. In addition, it has traversed a previously impassable upward channel that restricted its downward mobility.

 

 Bitcoin 922.jpeg

Source: Tradingview

 

After this transgression, the next BTC defensive line is anticipated to be around $26,000. If the adverse momentum continues, BTC prices may be driven to the $25,511 region.

 

In contrast, a bullish resurgence above $27,000 could propel Bitcoin to $27,500.

 

BTC's current pivot point is $27,000, as indicated by the 50-day exponential moving average. A close below this level could trigger a continuation of Bitcoin's adverse trend.

Previous
Next

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free