[2023-09-19] Barron's: Bitcoin Rises Ahead of the Fed. Bullish Bets Might Be ...

[pawel7777]

Fresh press hit on Bitcoin's mini-rally when it reached its highest level this month.

Bitcoin Rises Ahead of the Fed. Bullish Bets Might Be Premature

https://www.barrons.com/articles/bitcoin-ethereum-price-crypto-markets-today-44fcd89a

Bitcoin and other cryptocurrencies rose Tuesday as digital asset traders continued to pile into overwhelmingly bullish bets on cryptos ahead of the interest rates decision from the Federal Reserve on Wednesday. It might mark a premature wave of wagers in a quiet market.

The price of Bitcoin has advanced 1% over the past 24 hours to near $27,100, paring gains after spiking above $27,400 to hit the highest levels this month. The largest digital asset’s recent rally marks another attempt to push past the $26,000 zone, around which Bitcoin has stagnated for more than a month amid historically low volatility and trading volumes as investor interest has waned.

“Bitcoin is testing initial resistance at the 50-day moving average around $27,200 as part of a short-term oversold bounce that preserved major support around $25,200,” said Katie Stockton, managing partner at technical research firm Fairlead Strategies.

[cr1776]

Yeah, I read that article too and it really didn't have a lot of substance.  There are catalysts, halving, potential ETFs, more usage cases etc. that weren't mentioned.  The Fed is impacting it short term for traders and long term for investors due to perpetual inflation at various levels, long term hard money (backed by math) wins.