Let's talk about bitcoin and all the cryptocurrency market analysis, updates and setup here
First Analysis is Bitcoin price.
Well first let's have a look at the macro economic fundamentals. Now USA inflation rate has been rise upto 9.1% and because of that, FED has make another rate hike to 2.5% in last week.
but that rate not much effected to the market as those numbers and already predicted and already priced for the market. So bitcoin made a rally. But after release the GDP numbers USD got weakened and that was negative -0.9 for the second quarter. and that was the second consecutive negative GDP numbers that has been released and because of that, USA technically into recession. This effected to USD weakened and BTC got strong with Strong stock market.
and now current market situation is retesting in 24K area to make a temporary uptrend. Now BTC is making something like market channel before start the main uptrend and I'm expect that this uptrend will remain until recession fear is done.
You can check more detailed explanation in below video and I will update here what will happened to the market