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Bitcoin is struggling around the $20,000 mark after interest rate hike

 


New price range around $20,000?

As the data from Cointelegraph Markets Pro and TradingView show, the Bitcoin price is currently just above the important $ 20,000 mark.


After the key interest rate hike of 0.75% on the previous day, new volatility promptly shot into the market, which liquidated both short and long positions in a big way.


At press time, liquidations in the crypto market totaled $165 million over the past 24 hours, data from Coinglass confirms.


All in all, the Bitcoin price is lower today than it was before the US central bank raised its key interest rate, but the area in question is initially withstanding further losses.


Meanwhile, trader Crypto Tony is sticking to his rather pessimistic forecast, which predicts a new downturn for BTC, at least in the near term.


"My gut feeling hasn't changed, as I expect further corrections and a major downturn, which will ultimately be followed by a jump that will trigger the next bull run," as the expert extends his forecast to the longer term.


The data from the analysts at Material Indicators, in turn, suggest where the next supports and resistances are in the Binance order book.


Based on this, analyst Maartunn, writing for CryptoQuant, is targeting the $19,000 and $21,000 areas.


"We see two clusters at $19,000 and $21,000 that were formed at the time of the rate hike," the analyst explains . To which he adds:


"Will this be the new price range?"

Looking at the US dollar index (DXY), he points out that new gains for the USD are always to the detriment of risky financial products such as cryptocurrencies.


“And here comes the wrecking ball called the US dollar again. After the recent lows, the top of the ascending channel is now being targeted again. That's exactly what I predicted," the analyst says . And further:


“All financial products will suffer from this, including BTC.”

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