- Cryptocurrency prices traded lower on Thursday as the extra time to digest Wednesday’s comments from Fed Chair Jerome Powell about interest rates staying “higher for longer” resulted in investors adopting a risk-off approach for the time being.
Data provided by TradingView shows that Bitcoin’s price stair-stepped lower in trading on Thursday, hitting a low of $26,360 in the afternoon before bulls managed to push it back above support at $26,550.The weakening outlook for Bitcoin first appeared in the futures market, as “September Bitcoin futures prices [were] weaker in early U.S. trading Thursday,” according to Kitco senior technical analyst Jim Wyckoff.
“Q4 traditionally represents Bitcoin’s strongest quarter, with an average of +35% return over the past nine years,” Thielen said. “If history is any guide, Bitcoin could reach $37,000 by year-end. October particularly stands out, with positive returns in seven of the last nine years averaging returns of +20.3%.”Thielen said the ‘Matrix on Target’ backtest model recently gave a new breakout signal for Bitcoin.
He also noted that in October, “the second deadline for the Bitcoin ETF filings will require the SEC to announce or postpone their decisions until January, regarding the request to approve the Bitcoin ETFs,” which could impact price.
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