Bitcoin Price Forecast with 3.5% Up, Dollar Falls by Cryptonews

In the midst of an amazing price movement in the market, the price of Bitcoin (BTC) rose to $40,630, achieving noticeable gains of 3.50% today, Monday. This recent rise coincided with the weak performance of the US dollar following increasing expectations of the Federal Reserve reducing interest rates.

The vitality in the crypto sector also increased after the Zodia Custody platform, which is supported by the giant British bank Standard Chartered, took a strategic step in joining Metaco’s Global Crypto Storage Network (Crypto Storage Network), as the merger between the two platforms demonstrates the increasing pace of development. And the interconnectedness of the global infrastructure of the crypto sector

The dollar declines due to the expectation that the Federal Reserve will cut interest rates

Awaiting the release of the important employment report that is expected to affect interest rates in the United States, the markets took a cautious stance regarding the comments of Federal Reserve Chairman Jerome Powell, which sparked a wave of volatility at the beginning of this week, leading to a rise in the price of Bitcoin in the market. Asia, exceeding the $40,000 barrier for the first time in more than a year.

The dollar index’s decline intensified following Powell’s admission of slowing economic growth and the possibility of tightening Federal Reserve policies, in addition to ruling out the scenario of raising interest rates again. Market indicators show that there is a 60% probability that interest rates will be reduced by March of next year.

The price of Bitcoin rose, recording new price peaks coinciding with the decline in the dollar index. Powell’s statements caused pressure on the dollar index, which led to investors’ expectations of US regulatory authorities approving the establishment of exchange-traded funds to trade Bitcoin, which strengthened its upward trend.

Zodia Custody and Standard Chartered Bank join Ripple’s Metaco network

The merger of the Zodia Custody platform with Ripple’s Metaco crypto network is expected to have a positive impact on the price of Bitcoin, and this development comes as part of the general trend aimed at reducing the severity of credit risks to the counterparty and providing safe custody solutions, which enhances the pace of institutional engagement. In the crypto sector.

This partnership also paves the way for global institutions to access effective and secure solutions for storing digital currencies, which may lead to increased interest and investments in the Bitcoin market.

These improvements in the Bitcoin storage infrastructure are likely to enhance investor confidence and a positive general mood in the crypto sector, as the integration of the Zodia Custody platform into the Metaco network confirms increased institutional adoption, which is considered a pivotal factor in raising the price of Bitcoin as institutions seek to find solutions. Reliable digital asset management.

Bitcoin price forecast

The pivot point for currency pair trading is located at $39,027, while the main resistance levels are $41,267, $42,523, and $44,832, respectively, which are pivot points for a potential upside trend. On the opposite side, the direct support level is located at $37,703, followed by two stronger support levels at $35,462 and $34,206, and these levels will play an important role in the event of a price decline.

The technical indicators provide a clear picture of the scene, as the Relative Strength Index reached high levels at 84, which indicates an overbought area and the possibility of a price correction or relative stability occurring soon. What reinforces this possibility is the level of the MACD indicator, which reached 138.41, in addition to the signal line reaching 631.73. This indicates the continuation of the current trend.

Bitcoin Price Chart – Source: Tradingview Additionally, Bitcoin is trading above the 50-day Exponential Moving Average (EMA-50) at $38,543, confirming the uptrend in the short term, but traders should keep an eye on The occurrence of any price correction or change in trend.

The previous chart indicates the dominance of positive sentiment in Bitcoin trading, especially if it maintains its position above the $40,000 level, as this indicates the possibility of its upward trend continuing as long as the main support levels maintain their positions.

In conclusion, the general trend for the price of Bitcoin is positive, especially if it remains above the $40,000 level. The short-term outlook also reveals the possibility of the price testing the resistance levels, specifically the $41,267 level and beyond. Therefore, investors and traders must closely monitor the technical indicators and price charts to be able to… To make effective investment decisions in the highly volatile crypto market.

See the original article