Bitcoin on September 29, 2022 – In the turmoil of the economic crisis
Recession and inflation – The Bitcoin (BTC) price remains below $20,000, while the end of the month is marked by the publication of important macroeconomic data.
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US in Recession, Bitcoin Price in Uncertainty
Bitcoin price falls as low as $18,863 on Bitfinex today, September 29, 2022. Cryptocurrency trades at $19,358 at the time of writing this article. The markets are currently entitled to a doji.
Bitcoin still fails to clear the $19,300-$19,500 resistance zone. Uncertainty reigns in the markets, as the day is marked by the release of US GDP data. The founder and CEO of Eight, Michael van de Poppehas also looked at the GDP figures ” which are as expected -0.6% (2 consecutive quarters of negative figures)”.
Before the publication of this data, and while Bitcoin was holding at $19,300 while showing “a continuation”, Michaël van de Poppe had shared his forecasts on the price of the asset, based on this variation in GDP.
He then estimated that “if the GDP is worse today”, the markets can expect volatility, with a fall in the dollar. These factors should therefore push Bitcoin price towards $20,000. According to Michaël van de Poppe, this prospect seems all the more likely if Bitcoin maintains these $19,300.
Inflation Data: A Risky Monthly Close for Bitcoin
The next 24 hours are also likely to shake up the markets, for good or ill, with the release of data on the Personal Consumption Expenditure (PCE) Price Index in the United States, and the European consumer prices (CPI).
These macro events increase market uncertaintyas the monthly close nears, when Bitcoin must end the month above $19,700.
Otherwise, it would close below the December 2020 opening level, and would lose major support on a monthly basis, which has supported the price of the cryptocurrency since last June.
Is the hope of $20,000 before the end of September still allowed? Should markets expect a monthly and quarterly close announcing the start of a bear run ? The macro environment is taking Bitcoin into uncharted territory.
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