{"id":160368,"date":"2023-09-22T00:07:03","date_gmt":"2023-09-21T18:37:03","guid":{"rendered":"https:\/\/dripp.zone\/news\/btc-price-to-recover-strong-from-this-local-bottom-area-crypto-news\/"},"modified":"2023-09-22T00:07:05","modified_gmt":"2023-09-21T18:37:05","slug":"btc-price-to-recover-strong-from-this-local-bottom-area-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/btc-price-to-recover-strong-from-this-local-bottom-area-crypto-news\/","title":{"rendered":"BTC Price To Recover Strong From This Local Bottom Area? – Crypto News"},"content":{"rendered":"

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The US financial markets turned negative a day after the Federal Reserve took hawkish stance in the September 2023 Federal Open Market Committee (FOMC). The Dow Jones Industrial Average (DJIA) fell 0.4%, the S&P 500 Index dropped around 0.9%, and the Nasdaq Composite Index suffered a 1% plunge whereas the Bitcoin price<\/a> took a 2% correction.<\/p>\n

Also Read: CZ Clarifies On Rumors Of Binance\u2019s Stablecoin Delisting In Europe<\/strong><\/a><\/p>\n

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What Is The Local Bottom For BTC?<\/h2>\n

In the ongoing corrective action, top crypto analysts predict that the cryptocurrency could likely recover into the bullish phase at any point. \u201cWe could technically reverse at any time,\u201d said popular analyst CrediBULL Crypto, adding that the trader sentiment towards liquidations could decide the extent of downward risk. The analyst predicted<\/a> that BTC price currently faces an ideal downside risk around $25,500 and further downside possible technically just under $25,000.<\/p>\n

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\u201cIf RED (below $25,000) is our bottom, then this flush may be the final move of this week\u2019s long corrective structure that will ideally reset Bitcoin open interest and clear the way for the next leg up.\u201d<\/p>\n<\/blockquote>\n

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In the post FOMC press conference speech, US Federal Reserve Chair Jerome Powell said the central bank officials have voted in favor of continuing the current stance of restrictive monetary policy. The markets have reacted negatively to Powell remarks<\/a> that policymakers see it more likely than not that another rate hike will be appropriate from the current target rate of 525-550 bps.<\/p>\n

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What\u2019s Ahead For BTC?<\/h2>\n

It may be noted that the top cryptocurrency has been trading sideways around the $26,000 level since the last five weeks. While the Grayscale lawsuit victory<\/a> in the last week of August 2023 failed to give wings to the BTC price, the euphoria around spot Bitcoin ETFs has also dried up in recent times.<\/p>\n

Also Read: Ethereum Price Prediction: FOMC Rate Hike Pause Bites, Can ETH Defend $1,600 Support?<\/strong><\/a><\/p>\n

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