The price of bitcoin (BTC) remained higher at the weekly close on September 10as optimistic forecasts favored $23,000.
$23,000 targets still stand
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD pair hit $21,730 on Bitstamp overnight, the highest since Aug. 26.
The pair managed to hold on to its earlier gains despite low volume weekend trading conditions can amplify any weakness.
Among analysts, enthusiasm was palpable heading into the new weekwhich should be critical for short-term cryptocurrency price action.
The Ethereum (ETH) Merge and new US inflation data were the main catalysts expected to influence the market.
“Expect volatility to increase due to next week’s economic data“, wrote on-chain monitoring resource Material Indicators in part of a tweet over the weekend.
“In the meantime, remember…THIS is a race. If you don’t take profit along the way, you risk giving it all back.”
An attached graph showed that Binance BTC/USD order book offered solid resistance near $21,500an area that the bulls subsequently appeared to overcome.
For the popular Il Capo of Crypto account, meanwhile, there was room for additional upside.
Short squeeze is not over. 22500-23000 should be next.
— il Capo Of Crypto (@CryptoCapo_) September 11, 2022
The ready contraction is not over. $22,500-23,000 should be next.
added that, however, there was a “90% chance” that BTC price action will go back below $20,000 in the future.
$23,200 was also a target for the CJ traderwhich watched various short-term levels for clues to long and short entry positions.
– Sweep equal highs at 21.9k and close back below July mid and I’ll be looking for a short targeting the monthly open.
– Reclaim the mid or hold as support and we likely see a fast move into 23.2k pic.twitter.com/xv9oarffsA
— CJ (@IrnCrypt) September 10, 2022
– If the highs of 21,900 are broken and it closes below mid-July, I will look for a short position at the monthly open.
– Regain the value or hold it as support and we will probably see a quick move towards 23,000
The “Septembears” take a beating
The weekly closing, therefore, seemed that it was going to be a maximum of three weeksbitcoin was already trading above the closing prices of the second half of August.
On the macro front, hopes for a sustained rally in risk assets became more apparentwhile the analyst Hernik Zeberg was especially confident.
“Every time inflation peaks, the stock market rallies! EVERY TIME! And the RSI (momentum) is in the reversal zone,” plot on the day.
“US CPI out on Tuesday. This time will be no different!”
July CPI data showed the US may have already reached peak inflation.
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