Bitcoin enthusiasts are showcasing their strength, pushing the leading cryptocurrency beyond the notable $26,000 milestone.
At present, Bitcoin’s live price hovers at $26,553, marking a modest increase of under 0.10% in the past 24 hours. With a 24-hour trading volume at $6.6 billion, the fervor for Bitcoin is clearly evident.
Currently holding the top position on CoinMarketCap, Bitcoin presents a remarkable live market capitalization of $517 billion. The available supply stands strong at 19,488,087 BTC coins, approaching its maximum limit of 21,000,000 BTC coins.
With these encouraging figures in view, everyone’s burning question is: will the rise of Bitcoin continue?
Critical Economic Events to Influence Bitcoin Price Dynamics Next Week
In the forthcoming week, several pivotal economic events stand to sway Bitcoin’s price movement, considering its ties with broader economic indicators.
On Wednesday, September 20th, attention will shift to the Federal Reserve when it unveils its Federal Funds Rate, currently set at 5.50%.
That very day, financial analysts will be intently monitoring the FOMC Economic Projections, FOMC Statement, and the subsequent FOMC Press Conference slated for 18:30.
Any shift towards a more dovish or hawkish outlook might induce notable fluctuations in conventional markets, which often ripple into the crypto sphere.
On the following day, Thursday, September 21st, the spotlight will be on the Unemployment Claims data, with experts predicting a minor rise to 222K from the earlier 220K.
Wrapping up the week on Friday, September 22nd, we’ll see the release of the Flash Manufacturing PMI and Flash Services PMI, projected to be 47.9 and 50.8, respectively.
Such indices shed light on the state of the economy, and any unexpected shifts can indirectly influence Bitcoin’s price through effects on market mood.
Bitcoin Price Prediction
From a technical perspective, Bitcoin seems to be treading a mildly bearish path.
Currently, Bitcoin lingers slightly over the $26,500 support point, which was previously a resistance. It is steady near the $26,800 resistance, hinting at a potential double-top formation.
A downward sloping trend line can be spotted around the $26,750 mark, which might hamper Bitcoin’s climb. Should Bitcoin surpass this trend line, it might set its sights on the $27,000 milestone.
Further ahead, the $27,600 threshold emerges as a noteworthy barrier. Surpassing this could potentially steer Bitcoin towards the $28,000 landmark.
Conversely, should Bitcoin fail to breach the $26,750 trend line, there’s potential for a retreat towards the $26,600 mark or even a retest of the $26,000 foundation.
Such a downward shift might trigger heightened selling activity, possibly nudging the price down to approximately $25,250.
It’s worth highlighting that several technical metrics, including the 50-day exponential moving average and the relative strength index, suggest an upcoming bullish trend.
For investors, the $26,500 threshold is crucial to observe as it could act as a pivotal juncture. Trading above this mark might indicate buying momentum, while figures beneath it could suggest a selling trend.