“Bitcoin’s resilience above the $33,750 mark showcases its growing maturity, while market analysts anticipate a potential pullback to the low $30k range, setting the stage for a compelling buying opportunity.”
The cryptocurrency market ended the week on a flat note, with Bitcoin reaching its highest price since May 2022. This surge in Bitcoin’s price ignited optimism among traders and reminded them of the potential of a crypto bull market. However, stocks traded mixed, with the S&P and Dow finishing down while the Nasdaq gained slightly.
The Federal Reserve’s preferred inflation metric, the core Personal Consumption Expenditures (PCE) index, showed a rise in prices in September, indicating that the Fed may need to keep interest rates higher for longer. Some speculate that the central bank may need to raise rates further if inflation starts to climb again.
Bitcoin faced selling pressure in the afternoon, dropping to a low of $33,395. At the time of writing, BTC trades at $33,800. Technical analysts suggest that Bitcoin still has bullish momentum and may see more upside in the near term.
Altcoins also traded mixed, with some tokens experiencing minor losses while others saw gains. The overall cryptocurrency market cap stands at $1.24 trillion, with Bitcoin’s dominance rate at 52.9%.
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