Bitcoin Traders Eye $19k BTC Price Bottom, Warn Of ˈhotˈ
Bitcoin traders are closely watching the $19,000 BTC price level. As fears of rising inflation and a potential market correction continue. The upcoming release of the US Consumer Price Index (CPI) for February, scheduled for 10 March, is also fueling concerns of further price volatility.
Bitcoin has remained relatively stable in recent weeks, hovering between $45,000 and $50,000 despite some turbulence in the broader market. However, traders are warning of a potential price correction, with some suggesting that a move below $19,000 could be on the cards. In a recent tweet, popular analyst CryptoCapo warned that
“all scenarios remain possible” and “a drop to $19k would completely fit this model.”
The potential for rising inflation is another factor that could impact Bitcoin’s price. The US Federal Reserve has signaled that it will maintain its accommodative monetary policy for the foreseeable future and has pledged to continue buying bonds and keeping interest rates low.
However, there are also concerns that Bitcoin’s high volatility and speculative nature could make it susceptible to market corrections and sudden price changes. As such, traders are urging caution and monitoring the market closely in the coming weeks.
Overall, the outlook for Bitcoin remains uncertain, as traders continue to weigh up the potential impacts of inflation, market corrections, and broader economic trends. As always, investors are advised to do their own research and exercise caution when trading in volatile markets.
Regardless of the short-term outlook, many experts agree that Bitcoin and other cryptocurrencies are here to stay. As more institutions and individuals begin to adopt digital currencies, the market is expected to continue growing, albeit with occasional dips and volatility.
Bitcoin traders are monitoring the price of the digital currency closely, with many predicting a possible bottom at $19,000.
Market commentators say there could be a test week for Bitcoin and risky assets as announced by Federal Reserve Chairman Jerome Powell…
BTC price fell $22,317 and there was no reaction at his March 6th opening on Wall Street as consensus was formed on a possible breach of $20,000.
Cointelegraph Markets Pro and TradingView data track the weak BTC/USD pair, which was stuck at $22,400 at the time of writing. With no movement over the weekend and growing concerns about the impact of upcoming macroeconomic data from the US, the pair offered the little trading opportunity.