I am expecting two scenarios
Buy at 21k levels
Sell at 26232 price level
Mostly fundamentals will drive price for the next couple of days. Here is how am thinking:
1. The US is approaching a potential government shutdown by October 1st. October 1st marks the start of the federal budget year, and if Congress fails to pass a funding plan signed by the President before this date, the shutdown will commence at precisely 12:01 a.m. The duration of a government shutdown is uncertain and hinges on the resolution of contentious issues, given the political division in Congress, with a Democratic-controlled Senate and a Republican-led House. Financial markets could be affected including
BTC
and ALTCOINS with Goldman Sachs estimating a 0.2% weekly reduction in economic growth during a shutdown, although growth would rebound upon government reopening. On a positive note, in the 12 months following a government shutdown of ten days or more, the S&P 500 has historically gained a median of 18.9%, based on research from RBC covering the last 20 shutdowns since 1976. Hence we might see a pullback in BTC before oct1st.
2. We have FTX selling their holdings. Their holdings total is about 1billion USD. This selloff could trigger btc to collapse to 21k levels.
Hence the bullish then bearish sentiment
On the technical side:
We have BSL at 28112, if the market fails, then the bearish momentum will just continue
Buy at 21k levels
Sell at 26232 price level
Mostly fundamentals will drive price for the next couple of days. Here is how am thinking:
1. The US is approaching a potential government shutdown by October 1st. October 1st marks the start of the federal budget year, and if Congress fails to pass a funding plan signed by the President before this date, the shutdown will commence at precisely 12:01 a.m. The duration of a government shutdown is uncertain and hinges on the resolution of contentious issues, given the political division in Congress, with a Democratic-controlled Senate and a Republican-led House. Financial markets could be affected including
BTC
and ALTCOINS with Goldman Sachs estimating a 0.2% weekly reduction in economic growth during a shutdown, although growth would rebound upon government reopening. On a positive note, in the 12 months following a government shutdown of ten days or more, the S&P 500 has historically gained a median of 18.9%, based on research from RBC covering the last 20 shutdowns since 1976. Hence we might see a pullback in BTC before oct1st. 2. We have FTX selling their holdings. Their holdings total is about 1billion USD. This selloff could trigger btc to collapse to 21k levels.
Hence the bullish then bearish sentiment
On the technical side:
We have BSL at 28112, if the market fails, then the bearish momentum will just continue