The price of Bitcoin is preparing for a bigger move

During the weekend, we saw a more significant upward movement. The price of Bitcoin rose by 4.5% and consolidated around $27,850 during yesterday, where it remains today. Yesterday was a holiday in the United States, so the stock markets remained closed. According to some analysts, the price of Bitcoin is preparing for a bigger move.

Macroeconomic data from the US suggests that the economy is weathering the tighter conditions much better than expected. The outlook for the next Fed meeting also responds to this. More than 60% believe there will be another 25 basis point increase in the base rate.

The price did rebound from the 200-week moving average on Thursday, but the volumes are not much. The 100-day moving average is also at a similar level, and the price has been consolidating here for more than two weeks. According to most traders, there will be more movement soon. According to analyst Rekt Capital, this could be a continuation of the bear market and the price could move up to the $20,000 level.

Conclusion

More macroeconomic data from the United States is due this week. This can be the trigger for movement in the markets. Perhaps today the stock markets will react to NVIDIA’s growth and trigger movement in cryptocurrencies as well. Bitcoin price correlation with the stock market is still quite high. On the other hand, a similarity can also be found with gold. This continues to decline after the rejection at $2,075. So we’ll see.