Claim $500Bitcoin Rallies Over Deutsche Bank Crypto Custody Move; BTC To Break $26,800?
The Bitcoin price received a much need trigger as it reached a two week high range on a day when Deutsche Bank made the big crypto announcement. Earlier, CoinGape reported global financial services giant Deutsche Bank announcement on offering crypto custody service for institutional clients.
Also Read: Circle Launches Native USDC On NEAR Protocol
Caution Before Confirming BTC Price Rally
While it is true that the BTC price jump coincided with the Deutsche Bank news, analysts are watchful of the risks associated with some dip from the current range. The price movement comes just in time before the all important macro event, the Federal Open Market Committee (FOMC) meeting between September 19-20. The market is of the expectation that the US Federal Reserve could choose to leave the interest rates unchanged at 525-550 bps. The post-FOMC press conference by Fed Chair Jerome Powell could likely have an impact on the Bitcoin price, as traders would be keen if the central bank is looking to ease the monetary policy for the remainder of 2023.
Popular crypto analyst Michael van de Poppe warned that if the cryptocurrency falls back to the $25,600-25,900 range, it could mean a clear bearish signal. On the flip side, BTC could go bullish ways if it breaks above the $26,800 level, he added. “Bitcoin seems likely for a breakout upwards, but some crucial levels need to break!”
Earlier, CoinGape reported that BTC could follow an uptrend to $28,000 and $30,000 if it holds steady at above the current support areas.
Also Read: US PPI Comes In Hotter Than Expected, But Crypto Market Remains Steady
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
