Bitcoin is currently trading at $29,436, experiencing a slight increase of nearly 0.50% on Saturday.
As the weekend commences, market participants wonder if this low trading volume of $10 billion could be a precursor to a significant price swing.
In other news, the White House forecasts a surge in CPI inflation for the years 2023 and 2024, while the ongoing bankruptcy dispute sees FTX and Genesis resolving.
These developments add to the dynamics influencing Bitcoin’s price movement, prompting investors to monitor the market for potential opportunities and risks closely.
White House Forecasts Increase in Inflation Rates for 2023 and 2024
The value of BTC/USD is going up today due to the White House’s prediction of an increase in CPI inflation in the years 2023 and 2024.
These new projections might imply that the Federal Reserve’s PCE target could go up, which could create some uncertainty in the economy.
However, US lawmakers are showing their support for cryptocurrencies, with Congressman Patrick McHenry describing Bitcoin as a “financial revolution”.
The House Financial Services Committee’s approval of the “Keep Your Coins Act of 2023” also contributes to a positive outlook for Bitcoin.
Despite recent setbacks, Bitcoin’s price is now displaying signs of improvement and is currently trading for $29,300.
FTX and Genesis Reach an Agreement in a Bankruptcy Dispute
Bitcoin’s value against the US dollar is increasing today thanks to an agreement reached between two major players in the cryptocurrency space, FTX, and Genesis.
Genesis Global Capital, which is owed $226 million by FTX, has resolved its disputes with the exchange.
This development is positive news for the market, as it removes uncertainty and could increase investor confidence.
As a result, Bitcoin’s value is rising. The resolution between FTX and Genesis could also help stabilize the cryptocurrency industry, contributing to Bitcoin’s current price increase.
At present, Bitcoin is showing signs of recovery and is trading at a higher value.
Bitcoin Price Prediction
Over the weekend, it seems that Bitcoin has gained substantial support as it reached the $29,000 mark.
This is indicated by a series of candles, such as Doji and spinning top, which have closed above this level.
Currently, Bitcoin is positioned slightly under the $29,500 hurdle, which is further reinforced by a downward trend line visible in the four-hour window.
Should BTC surpass the $29,500 threshold, it could encounter a hurdle at the $30,000 mark, which holds considerable psychological weight.
Additionally, the next possible barrier lies at $30,350.
On the other hand, if BTC dips under $29,000, the next support level remains at approximately $28,800. Should it slip below this point, there may be a decline towards $28,250.
