In recent months, Bitcoin has shown short-term spikes following positive events. The recent FOMC meeting left rates unchanged, sparking a brief rally in both the crypto and traditional markets.
Bitcoin's Short-term Prospects
After the recent rise to $87,000, market participants anticipated further growth. However, the weakened bull position triggered bearish activity, dragging the prices down to $84,400. Holding these levels is crucial to avoid further declines.
Gold Surge and Its Impact on Cryptocurrencies
Gold price hit all-time highs, surpassing $3000 per ounce, indicating a shift in investor interest. Meanwhile, S&P 500 and Bitcoin continue to consolidate. The fall in Bitcoin spot trading volume supports this trend.
Long-term Bitcoin Predictions
After breaking below the multi-month ascending support, Bitcoin is under a strong bearish influence. Plans to rise to $90,000 face obstacles. On the weekly chart, the price is trying to clear the 200-week moving average mark, which can be pivotal for future movement.
The current Bitcoin price situation, with its dependency on the stock market and the global economy, demands close monitoring. Clarity will depend on both internal and external economic factors.
