Bitcoin Might Spark a Rally By Breaking Above $20,000

The last few weeks have been tough for the cryptocurrency industry with a soaring US dollar and the Federal Reserve interest rate hikes.

The jump in Bitcoin prices over the weekend gave bulls some hope, but a collapse into the $18,700 level halted that. With stocks higher on the day, the price of BTC could create a low here if it can close strongly above the $20,000 level.

Daily BTCUSD Chart

btcusd price chart

The fall in risk assets is being created by the Bank of England, which just announced that they are restarting their quantitative easing programme due to market panic. On a momentous day for markets, the BoE is capitulating on its previous monetary tightening stance. The central bank had been moving higher with interest rates to beat inflation and has now had to back off because of disruptions in the bond market.

The latest announcement raised hopes that other central banks, including the US Federal Reserve, were also getting closer to an inflection point for a pivot on their monetary tightening policies. However, US Treasury Secretary Janet Yellen did not seem concerned on Tuesday night with a statement that markets were functioning well.

It was also reported that the European Union will tighten restrictions on Russians’ crypto investments within the bloc as a response to the independence votes being held in Russian-occupied regions of Ukraine. A previous limit of 10,000 euros ($9,600) will be scrapped, a person briefed on the sanctions package said, which means Russians won’t be able to hold any assets in EU crypto wallets.

Bitcoin can secure these lows at $19,000 with a strong rally above the $20,000 level.

Recent News
Start Trading Now !

Try our demo account for free to learn trading. When you’re ready, switch to a live account and start trading for real.

Popular posts

ATFX

The Firm has taken the decision to cease providing services to retail clients, with immediate effect. We are therefore unable to accept any applications.

Services to professional clients will not be impacted. For professional applications please contact [email protected]

ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit https://www.atfx.com/ar/ to proceed.
ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit https://www.atfx.com/en/ to proceed.
ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit https://www.atfx.com/en-za/ to proceed.
ATFX

Restrictions on Use

Products and Services on this website are not suitable for Hong Kong residents. Such information and materials should not be regarded as or constitute a distribution, an offer, solicitation to buy or sell any investments.

使用限制: 本網站的產品及服務不適合香港居民使用。網站內部的信息和素材不應被視為分銷,要約,買入或賣出任何投資產品。

ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit https://atfxgm.eu/en/ to proceed.

ATFX

Restrictions on Use

AT Global Markets (UK) Limited does not offer trading services to retail clients.
If you are a professional client, please visit https://atfxconnect.com