The Bitcoin price received a much need trigger as it reached a two week high range on a day when Deutsche Bank made the big crypto announcement. Earlier, CoinGape reported global financial services giant Deutsche Bank announcement on offering crypto custody service for institutional clients.
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Caution Before Confirming BTC Price Rally
While it is true that the BTC price jump coincided with the Deutsche Bank news, analysts are watchful of the risks associated with some dip from the current range. The price movement comes just in time before the all important macro event, the Federal Open Market Committee (FOMC) meeting between September 19-20. The market is of the expectation that the US Federal Reserve could choose to leave the interest rates unchanged at 525-550 bps. The post-FOMC press conference by Fed Chair Jerome Powell could likely have an impact on the Bitcoin price, as traders would be keen if the central bank is looking to ease the monetary policy for the remainder of 2023.
Popular crypto analyst Michael van de Poppe warned that if the cryptocurrency falls back to the $25,600-25,900 range, it could mean a clear bearish signal. On the flip side, BTC could go bullish ways if it breaks above the $26,800 level, he added. “Bitcoin seems likely for a breakout upwards, but some crucial levels need to break!”
Earlier, CoinGape reported that BTC could follow an uptrend to $28,000 and $30,000 if it holds steady at above the current support areas.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.