Bitcoin Outlook – BTC Price Break Out as USD Plunges

AMID USD NOSEDIVE

  • The FOMC rate decision on the offing today and the possibility for the USD reverse leaves BTC at risk.
  • Bullish market activity highlights precious metals and top cryptocurrencies as the US Dollar weakens
  • BTC price blow past key resistance as the BTC/USD Climbs 20% in a single week
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Bitcoin prices have made a rip higher in the past few trading sessions. The highly popular cryptos like Litecoin, Ripple, Ethereum, and Bitcoin are currently soaring as the USD paces the huge drop this month. The performance of bitcoin seems to have significantly benefited from the increasing demand for conventional anti-fiat assets such as silver and gold. Essentially, this originates from the unimaginable rise in the worldwide money supply because of the coordinated policy feedback from central banks and governments that flooded the US financial system with money.

Any slight increase in the money supply causes its price or value to decline with an assumption that other key variables remain constant. With that, it should not be a surprise that the non-traditional currencies with fixed or limited supplies, including gold and bitcoin and other key anti-fiat assets have risen significantly higher over the past few months.

USD IMPLOSION SEND BITCOIN Rising

Bitcoin-Forecast

Although the USD implodes, and the precious metals directions go parabolic with silver and gold trading much higher by 35% and 28% respectively. Over the past year, BTC started to reel in the stock market focus and started playing catch upto the anti-fiat counterparts. The most latest bitcoin resurgence and other cryptos have driven the bitcoin price higher by over 20%.

BITCOIN PRICE CHART

bitcoin-forecast-btc-price

Bitcoin price action in the US Dollar currently fluctuates at $11,000 and follows the latest explosion over the pennant pattern resistance curve created by a series of lower highs from may. The constructive technical aspect that was highlighted by the Bollinger Band Squeeze, assisted offer BTC/USD price action with a sufficient boost for the crypto to surpass the previous 2020 high closer to the $10,600 level.

A closer look ahead, bitcoin might continue the steep climb driven on the back of the bullish anti-fiat perspective. On the other hand, the aggressive rebound attempts that were staged by the USD that is highlighted by the FOMC correction ability pending the scheduled Federal Reserve meeting today. The meeting that is scheduled for today could strong-arm this cryptocurrency back lower. As a result, it’s only important that traders remain prepared for what is to happen, Bitcoin Loses Momentum After Rallying Towards $11,500; What’s Next

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