Bitcoin (BTC) remained higher until the weekly close of September 10 as bullish forecasts favored $23,000.
The $23,000 goals remain in place
The pair succeeded retain their previous gains despite the low volume weekend trading conditions being conducive to amplifying any weakness.
There was palpable excitement among analysts heading into the new week, which should prove pivotal for short-term cryptocurrency action.
Ethereum (ETH) The merger and fresh US inflation data were the main catalysts to influence the market.
“Expect volatility to pick up around next week’s economic data,” a source monitoring the Material Indicators chain he wrote in the weekend tweet section.
“Meanwhile, remember… THIS is a gathering. If you don’t take a profit on your journey, you risk paying it all back.”
The accompanying chart showed the Binance BTC/USD order book providing solid resistance near $21,500, a zone the bulls subsequently appeared to have breached.
Meanwhile, there was room for further improvement for the popular Il Capo of Crypto account.
A short press does not end. Next should be 22500-23000.
— il Capo Of Crypto (@CryptoCapo_) September 11, 2022
He he addedhowever, that there was a “90% chance” of BTC price action going back below $20,000 in the future.
$23,200 was also a target for trader CJ, who was watching various short-term levels to see if there were long and short entry positions.
– Carry the same highs to 21.9k and close back below mid-July and I’ll be looking for short targeting on the monthly open.
– Get back mid or hold as a support and we’ll likely see a quick move to 23.2k pic.twitter.com/xv9oarffsA
— CJ (@IrnCrypt) September 10, 2022
The “Septembears” take a beating
The weekly close thus looked like a three-week high, Bitcoin was already trading above the closing prices since the second half of August.
As for the macroeconomic situation, hopes of a sustained recovery in risk assets have become louder, with analyst Hernik Zeberg particularly confident.
“Every time inflation peaks – the stock market recovers! EVERY TIME! And the RSI (momentum) – is in the pivot zone,” he said he argued on that day.
“US CPI comes out on Tuesday. This time will be no different!”
The July CPI data showed that the US may have already seen peak inflation.
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