- The price action in the crypto market was flat on Wednesday as concerns related to inflation are once again on the rise, partly due to the fact that WTI crude oil is trading near its highest price since November. Rising oil and gas prices have historically put positive pressure on the price of everyday items, leading many analysts to warn that consumers could soon be squeezed even more than they already are.
At the market close, the S&P, Dow, and Nasdaq finished in the red, down 0.70%, 0.57%, and 1.06%, respectively. Analysts at MN Trading observed that Bitcoin has been trading in a narrow range since August 18 and said, “Given that we know BTC is on support in the higher timeframes, it makes more sense to consider long positions rather than shorts.”“The price is respecting the range EQ very well, which is why I anticipate BTC will move towards the range low from here,” the analyst said.
— Crypto Tony September 6, 2023 In a separate post, he suggested that Bitcoin could dip to $25,000, followed by a spike up to $28,500 before falling “down to $20,000 for the final correction.”
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