Bitcoin price consolidates above $21,000 as a big move ahead for BTC
In early US trading on Wednesday, August 24, the price of Bitcoin (BTC) against the US dollar is marginally down 0.27%, according to CoinMarketCap data.
Although prices have remained relatively stable this week so far, bears now appear to have a slight technical advantage in the near term, with Bitcoin trading at $21,409, down over 9% in the past seven days.
Additionally, volatility has reduced as a result of the break, which may indicate that a more significant price move is likely to occur shortly; currently, statistical probabilities point to a more significant move to the downside.
Notably, the asset just had a two-month rally that saw its price surpass $25,000, and investors are now concentrating on the cryptocurrency’s next target price.
Based on the votes of 20,683 community members, the crypto community at CoinMarketCap predicts that Bitcoin’s price will increase by more than 30% from its current level to an average of $29,346 by the end of September 2022.
After Bitcoin’s latest recovery, aimed at pulling the asset out of the prolonged bear market, the consensus forecast among the community remains favorable.
However, Bitcoin’s failure to break the $25,000 barrier has emerged as macroeconomic concerns continue to take center stage. This is due to the fact that the cryptocurrency market has reacted poorly to the decision by the Federal Reserve to raise interest rates in response to rising inflation.
Cryptoanalyst sees a break higher
That said, cryptocurrency trading analyst Michaël van de Poppe suggests that it seems the cryptocurrency market is more willing to break higher than it is to break down right now. He noted:
“[It] Looks like markets are more eager to break up (crypto) than down. Consolidation is happening, while some #altcoins are already breaking upwards out of that construction.”
Poppe added:
“Overall, if $EUR / $USD will have a short-term bounce/reversal, I expect the risk to do very well. I’m still surprised by the recent strength of #Crypto, which has consolidated quite well.”
Despite several weeks of increased volatility, the total value of the cryptocurrency market has maintained its position above the $1 trillion threshold as the market awaits Federal Reserve Chairman Jerome Powell to address the annual Global Central Bank Conference on August 26.
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