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Bitcoin (BTC/USD) Forecast: Bitcoin Bulls March Towards $50,000

Bitcoin (BTC/USD) Forecast: Bitcoin Bulls March Towards $50,000

Tammy Da Costa, Analyst

Bitcoin (BTC/USD) Talking Points:

Bitcoin (BTC/USD) has risen above critical resistance after the US CPI print boosted demand for speculative assets.

With inflationary pressures on the rise, next week’s FOMC meeting minutes (22 September) could be a make or break for digital assets if the Federal Reserve hints at near-term tapering.

However, with softer CPI’s pushing out expectations of tapering, Bitcoin and Ethereum have managed to hold on to recent gains, at least for now.

Visit DailyFX Education to discover the importance of macro-fundamentals in global markets

Bitcoin (BTC/USD) Price Action

After the formation of a golden cross on the daily chart, Bitcoin prices have risen above the 23.6% Fibonacci retracement level of the June – September move at $47,000, in an effort to reclaim the key psychological level of $50,000 mark which remains as critical resistance for both the short and longer-term move.

With price action currently encapsulated between prominent levels, the ability to break above the key psychological level of $48,000 may give rise to further bullish momentum and a possible retest of $50,000 and a probable drive towards the next key Fibonacci resistance level of $51,734.

Bitcoin (BTC/USD) Daily Chart

Bitcoin (BTC/USD) Forecast: Bitcoin Bulls March Towards $50,000

Chart prepared by Tammy Da Costa using TradingView

--- Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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