By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
CryptoCommunityCryptoCommunity
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Search
  • BTC
  • ETH
  • USDT
  • USDC
  • BNB
  • BUSD
  • ADA
  • XRP
  • SOL
  • DOGE
  • DOT
  • MATIC
Reading: Bitcoin Approaching $22K, Market Gets New Reason to Celebrate?
Share
Aa
CryptoCommunityCryptoCommunity
Aa
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Search
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
CryptoCommunity > Blog > crypto > Bitcoin Approaching $22K, Market Gets New Reason to Celebrate?
crypto

Bitcoin Approaching $22K, Market Gets New Reason to Celebrate?

admin Published August 26, 2022
Last updated: 2022/08/26 at 7:47 PM
Share
SHARE

[ad_1]

Bitcoin has gained $500 in the past hour as the U.S. potentially confirms what could be a short-lived peak in inflation metrics. The U.S. Central Bank, and the Federal Reserve (Fed), will hold an important event today, and the crypto market might see a bullish continuation.

At the time of writing, Bitcoin (BTC) trades at $21,800 with a 1% profit in the last 24 hours and a 6% loss in the past 7 days. The cryptocurrency was rejected north of $22,000 and seems to be on track to re-test those levels of resistance.

BTC’s price with sideways movement on the 4-hour chart. Source: BTCUSDT Tradingview

A spike in inflation has been one of the macroeconomic factors negatively impacting Bitcoin, the crypto market, and risk-on assets. The Fed has been trying to slow down inflation and might succeed which could allow them to ease their monetary policy.

Inflation is measured by several metrics in the U.S., but the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE) are two of the most important. The former hinted at a decrease in inflation at the start of August when it printed an 8.5% for July 2022.

Expectations were aiming at a CPI print above 9%, but the positive results led to a Bitcoin and overall relief rally across the crypto market. Now, the U.S. published its PCE metrics which stood at 0.1%, coming in from 0.6%, which positively beat market expectations.

On this metric and the potential to support a fresh rally, analyst Caleb Franzen said:

The July PCE data confirms exactly what we saw in the CPI & PPI data. This will likely give the market more reason to celebrate, which is why we’re seeing Bitcoin back over $21,800 after dipping below $21,150 prior to the report. Expect tech & high beta to perform well.

Can Bitcoin Break Above $22,000?

For the time being, all eyes are set on the U.S. Fed Chairman Jerome Powell and his speech in Jackson Hole. Market participants seem to be taking long positions, as there is a perception that Powell might appear dovish, less aggressive in his intent to push down inflation or celebrate the recent inflation metrics.

Bitcoin must break above critical resistance at $22,000 to provide bulls with a convincing opportunity to shift momentum. Analyst Justin Bennett has remained cautious about mid-term bullish continuation.

In a recent market update, Bennett hinted at the possibility that the crypto market trades sideways for the next two years. About this scenario, Bennett said:

I’m not trying to forecast exactly what will happen. I don’t know what will happen (nobody does), and there are far too many variables to count, much less forecast. But don’t assume this crypto bear market is like any other. The last bull market certainly wasn’t.



[ad_2]

You Might Also Like

How to earn bitcoins fast

How to Tell If a Cryptocurrency is a Scam or Not

Tips to Avoid Losing In Cryptocurrency Trading

How to Sell Products Online with Bitcoins – The Ultimate Guide

Get a Cryptocurrency Trader Certification to Get Ready For The Big Game!

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
admin August 26, 2022
Share this Article
Facebook TwitterEmail Print
Share
Previous Article 4 principles private capital firms should follow to win the talent race – TechCrunch
Next Article Meadow expands beyond California, bringing its cannabis point of sale platform to Michigan – TechCrunch

Latest News

earn bitcoins fast
How to earn bitcoins fast
crypto
Cryptocurrency is a Scam or Not
How to Tell If a Cryptocurrency is a Scam or Not
crypto
Losing In Cryptocurrency Trading
Tips to Avoid Losing In Cryptocurrency Trading
crypto
Sell Products Online with Bitcoins
How to Sell Products Online with Bitcoins – The Ultimate Guide
crypto

You Might also Like

earn bitcoins fast
crypto

How to earn bitcoins fast

4 Min Read
Cryptocurrency is a Scam or Not
crypto

How to Tell If a Cryptocurrency is a Scam or Not

8 Min Read
Losing In Cryptocurrency Trading
crypto

Tips to Avoid Losing In Cryptocurrency Trading

6 Min Read
Sell Products Online with Bitcoins
crypto

How to Sell Products Online with Bitcoins – The Ultimate Guide

5 Min Read

Crypto Community

  • Home
  • Crypto Calculator
  • Blog
  • Contact Us
  • Privacy Policy
  • Disclaimer
  • Terms and Conditions

Real time Cryptocurrency

  • Crypto Prices
  • Dogecoin price
  • Shibainu coin price
  • Bitcoin Price
  • Cardano Price
  • Litecoins Price

Cryptocurrency Price USD

  • Bitcoin price USD
  • Ethereum price USD
  • Tether price USD
  • BNB Price USD
  • Cardano Price USD
  • Solana Price USD
  • Peps coin Price USD
  • floki inu Price USD
  • SIA coin Price USD
CryptoCommunityCryptoCommunity
Follow US

© 2022 Cryptos Community All Rights Reserved. All logos and images used on this website are registered trademarks of their respective companies. All Rights Reserved. Cryptos Community is not liable for inaccuracies, errors, or omissions found herein. For the removal of copyrighted images, trademarks, or other issues, Contact Us. 


Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?