The global cryptocurrency market wants to make as many gains against the many losses it has made in 2022, so far. Investors expect a battle between bullish and bearish forces. But Bitcoin has been moving sideways with slight upward pressure.
The popular cryptocurrency was recently trading at $19,407, while Ethereum was changing hands at $1,330. The second-most popular cryptocurrency stuck to the $1,300 level for much of September. Ether’s return on investment has fallen 13% in the past 30 days as equity markets wrapped up the third quarter.
Craig Erlam, a senior analyst at Oanda, said it’s been a very choppy week in Bitcoin which has failed to make a sustainable run in either direction despite attempts at both. He noted that Bitcoin was forming a floor a little shy of the early summer lows around $17,500. Erlam highlighted that he keeps using the word resilience when discussing. He believes the cryptocurrency needs a period of stability.
Throughout the week, BTC’s price has been notably dicey. But there has been a significant uptick in volume. Analysts say the uptick comes at an interesting time in the macroeconomic environment regarding foreign currency inflation. The British pound and Japanese Yen, in the month of September, saw extreme devaluing. For Bitcoin, a spike towards $20,900 is highly probable. It would face significant resistance at the $21,000 mark. Moreover, a gain to wipe out the summer lows at $17,592 is less than 10% away from Bitcoin’s current market value. If it treads positively, Bitcoin can reclaim the levels around $26,000 but for that, it must flip the $20,100 mark into support.
