From yesterday THE FED who remained strong despite his statements Bitcoin (BTC) its price may look for a new support as it approaches the end of the week. It is not a surprise that bond purchases will be reduced by $ 15 billion as of this month, and the rhetoric about an interest rate hike at an early stage has calmed the markets. Alright Bitcoin (BTC what does the short-term outlook for bitcoin indicate, how will altcoins be affected?
Bitcoin (BTC) May Fall
Bitcoin traded in a narrow range between December 60,000 support and DEC 64,000 resistance last week. The new one, where the price reaches $ 67,000 ATH after that, the upward momentum seems to have slowed down. Profit sales made by individual investors in line with short-term goals also contribute to this suppression.
Who found a buyer for $61,000 at the time of writing Bitcoin (BTC) continuing the day with a loss of 2.6%. The relative strength index on the four-hour chart (RSI) It suggests that BTC may be easing towards the $58,000-$60,000 support zone. For this, the support of 60.000 dollars should be followed very closely. Can’t hold on here Bitcoin (BTC) it will look for a new stop between $53,000 and $54,000 (dec0-Day Moving Average). Week RSI, Approaching the overbought zone, similar to April and September, which preceded the fall in the BTC price.
Although the short-term outlook strengthens expectations for a decline, the price has generally performed well in recent quarters. Accordingly, we may see a price above $67,000 again by December. Of course, for this, the specified supports must remain strong.
How Will Altcoins Be Affected?
To a large extent, the market Bitcoin (BTC everyone knows that it is dominated by ). Accordingly, a decline will negatively affect a significant part of the altcoins. Especially Ethereum (ETH), Cardano (NAME) and BNB it is already suffering losses of over 2%. Currently, the fact that Ethereum (ETH) has lost $4,500 levels also supports this.
Altcoin investors BTC he will be more nervous these days, when his price is more volatile. That’s why we should prepare ourselves for sudden sales in altcoins. The price of many altcoins swelled during the time Bitcoin was consolidated. You can minimize your losses by closely following the current support zones. Another important detail is that although you do not use these supports as a stop, price drops may deepen because a significant part of investors will exit here. Of course, you are responsible for the decisions you will make on all your investments.