The crypto industry is at a turning point. Given that the important levels have been identified, the next move will probably set the trend for the coming weeks. The market now trades in the green, extending its recent upswing to recoup the losses.
The price of bitcoin is currently trying to maintain above the $20750 support area. The price of BTC is presently trading at $20785, up 0.39% on the day. The price of Bitcoin is continuing to rise past $20,000. Bulls found it extremely challenging to convert the $20,000 level into an immediate support level.
The largest cryptocurrency increased from over $19,000 earlier in the week, breaking out of the trading range of $19,000 to $20,000 that it had generally maintained since early September and reaching nearly $21,000.
After the $20K milestone was broken, the cryptocurrency market became more upbeat, which led to an increase in altcoin performance this week. Buyers are drawn to the price recovery in anticipation of further upward trends.
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The Fed’s favored inflation indicator, the core personal consumption expenditures (PCE) index, may act as the next significant driver for risk-sensitive assets. The Federal Reserve is widely anticipated to raise interest rates by a super-sized 75 basis points for the fourth time this year as part of its fight against inflation at the central bank’s meeting next week.
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