September has proved bearish yet again as the crypto spaces lost more than 5% of their global market capitalization by plunging below $950 billion. Major crypto assets like Bitcoin, Ethereum, Ripple, Cardano, etc witnessed a significant negative impact, a few hours ago. Moreover, the assets are expected to possess extreme volatility in the upcoming couple of days, which may impact the entire crypto space.
The BTC price, the previous day swept the lows by hitting $18,500 and currently trying hard to regain the levels close to $19,000. However, the time approaching ahead may reverse the conditions within the crypto space. Therefore, in the coming 48 hours, major changes may probably give a direction for the markets until the end of 2022.
Below are the important factors that could turn the tables on the market.
- The crypto space may be somewhat normalized if the Bitcoin price reclaims the $19,300 levels in the next 48 hours
- With the surging inflation in the UK & the USA, the European Central Bank is poised to rise the interest rates. Moreover, Fed Chair Jerome Powell is also set to be vocal
- The strength of the US Dollar is raising and has surged above $110 in recent times, which has to under a significant correction in the upcoming times
Any of the three factors may impact the Bitcoin price to a larger extent that may in turn influence the other assets within the market. On the other hand, in the long-term, the star crypto appears to have reached the bottom and is closer to pulling a massive leg up.
The Bitcoin price has now tested the lower bottom for the second consecutive time and a rebound from here may accomplish a double-bottom pattern. However, the neckline still remains pretty distinct, beyond $25,500 which appears to be a tedious job for the asset to reach.
Collectively, the price is expected to remain consolidated further and before the close of the yearly trade, Bitcoin(BTC) price may make large moves to record a bullish close.