Bitcoin has faced some negative action over the past 24 hours as it has been rejected north of $ 50,000. According to market capitalization, the first cryptocurrency is trading at $ 2.1 with a loss of 49,207% on the daily chart.
BTC is moving sideways after a deviation in the daily chart at $ 50K. Source: BTCUSD Tradingview
Investors and experts are watching the current level closely. As the alias trader cryptodonalt put it,” this is where the Sunday decides,” as the trend will be up or down.
CryptoDontAlt and other traders believe this is Bitcoin’s last major resistance. so a break and hold above $ 50,000 could push the price towards previous highs.
Source: CryptoDontAlt via Twitter
The US Federal Reserve and other major central banks around the world have adopted monetary policy to mitigate the effects of the covid-19 blockades and pandemic. Investors had expected that policy to change by September.
However, as QCP Capital notes, the fed will move the new decisions to December 2021. So bitcoin and risky assets have more room to rally.
The US will release new data on the Consumer Price Index (CPI), an indicator of inflation, on September 14. This event usually precedes and follows volatility and will make a difference for the market to determine its trend.
Moreover, bitcoin bulls managed to fight back with a powerful bear attack accompanied by high levels of FUD news. This included attacks on crypto exchanges, the Defi sector and the sector as a whole using infrastructure accounts.
QCP Capital believes there will be less negative news in the medium term. Bitcoin’s price movement will therefore be less dependent on news events:
Nominal regulatory risk is depleted in the short term. All major crypto-related regulatory decisions will only be made in the 1st Year of 2022. by the quarter, we expect it to be considered something, especially from the Senate Banking Commission and the SEC.
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QCP Capital also noted:
