Key takeaways
BTC is down by lower than 1% within the final 24 hours and buying and selling round $117k.
The coin might goal the $120k psychological stage subsequent, following a current bullish momentum
Fed fee reduce pushes BTC above $117k as bullish development resumes
The cryptocurrency market carried out excellently this week, with Bitcoin bouncing again from its Monday low of $114k to commerce above $117k. The optimistic efficiency was as a result of macroeconomic elements, particularly the Fed fee reduce on Wednesday.
The speed reduce allowed Bitcoin to hit the $117k stage, with bulls now concentrating on one other excessive round $120k within the close to time period. Analysts consider that the speed reduce will push liquidity into the crypto market.
In an electronic mail with Coinjournal, Sergei Gorev, Head of Threat at YouHodler, said that the Fed’s fee reduce is sort of an essential issue for the market.
“It is a optimistic growth for the monetary and crypto markets. Cheaper cash pushes the quotes greater and better. So long as liquidity prevails within the markets, the cryptocurrency market will really feel fairly assured. We’ll quickly see new historic quotes for BTC, which can even help different cash. As well as, the approval of all new altcoin ETFs can even increase inflows into some cryptocurrencies quickly.”
Bitcoin bulls goal $120,000
The BTC/USD 4-hour chart is bullish and environment friendly after Bitcoin’s value surged previous its 50-day Exponential Transferring Common (EMA) on September 10. It discovered help across the $116k stage earlier this week earlier than rallying previous the $117k on Wednesday.
BTC has been consolidating round $117k over the previous 24 hours, however might be set to rally greater within the close to time period. The RSI of 57 exhibits that the bulls are nonetheless in management, with the Transferring Common Convergence (MACD) indicator on the identical chart displaying a bullish crossover since September sixth.
If the bullish development continues, BTC might lengthen its present rally in the direction of the psychological stage of $120,000. An prolonged bullish run would enable it to hit the $125k mark and set a brand new all-time excessive within the course of.
Nonetheless, if the market corrects and closes under the $116k help stage, BTC might face promoting strain and lengthen its decline in the direction of the subsequent main help and TLQ zone at $113,924.
The submit Bitcoin value forecast: BTC eyes $120k regardless of slight resistance appeared first on CoinJournal.
