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How much is Bitcoin worth today?


The value of Bitcoin (BTC) is holding above $26,000 on Sept. 25, persevering with to indicate weak point after final week’s United States Federal Reserve interest rate decision

Will the Fed push Bitcoin value decrease?

On Sept. 21, Fed officers determined to maintain rates of interest unchanged. Nonetheless, projections launched after the Fed assembly confirmed that almost all officers favor growing charges yet another time in 2023. BTC value is down 4.25% since.

BTC/USD each day value chart. Supply: TradingView

Larger rates of interest have confirmed to be bearish for non-yielding belongings like Bitcoin just lately.

As a substitute, they’ve helped increase buyers’ urge for food for safer belongings just like the U.S. greenback.

In consequence, the 20-day common correlation coefficient between Bitcoin and the U.S. Greenback Index (DXY) has dropped to -0.73, the bottom since September 2022, suggesting an more and more inverse relationship. 

BTC/USD vs. DXY weekly correlation coefficient. Supply: TradingView

Then again, the bulls are pinning their hopes on the U.S. Securities and Change Fee (SEC) possibly approving a spot Bitcoin exchange-traded fund (ETF) in October. The largest argument is that the approval of the primary gold ETF in 2003 noticed gold prices skyrocket over 300% within the following years. 

These components have offset one another, producing one among Bitcoin’s least volatile periods in historical past. Bitcoin’s historic volatility index — a metric that measures BTC value volatility at one-minute intervals for half-hour — has dropped to 13.39 this month.

By comparability, the index’s peak was 190 in February 2018. 

Bitcoin historic volatility index month-to-month efficiency. Supply: TradingView/MacnBTC

Lengthy-term Bitcoin sentiment steady

However, the Fed’s hawkishness has carried out little to shake the sentiment of Bitcoin long-term holders (LTH) primarily based on the web unrealized revenue/loss (NUPL) studying (the blue space within the chart beneath).

Any NUPL worth above zero signifies that the community is having fun with an general web revenue, whereas values beneath zero suggest that the community is dealing with web losses. Presently, BTC buyers holding their tokens for over 155 days have remained worthwhile all through 2023.

In different phrases, most LTH entities haven’t bought their BTC holdings but in 2023 and are doubtless anticipating the next Bitcoin value sooner or later.

Bitcoin web unrealized revenue/loss by cohort. Supply: CryptoQuant

Conversely, the NUPL (the crimson space) of short-term holders (STH), which generally react swiftly to market volatility, has declined sharply in 2023. This means STHs or “speculators” have been securing their income and accumulating BTC at greater costs.

Bitcoin buying and selling pundits: BTC bull run forward

In the meantime, a number of Bitcoin chart analysts anticipate BTC to go on an extended bull run in late 2023 and all through 2024.

For example, pseudonymous analyst Rekt Capital sees Bitcoin’s ongoing flat development as a shopping for alternative forward of the Bitcoin halving by mid-2024. Earlier halving occasions have all served as bullish catalysts, the analyst argues. 

BTC/USD weekly value chart. Supply: TradingView/Rekt Capital

Equally, common market analyst Moustache cites a traditional Megaphone sample to foretell a bull run within the Bitcoin market, with upside projections above $100,000.

BTC/USD weekly value chart. Supply: TradingView/Moustache

Brief-term bearish bias

Nonetheless, within the shorter time period, Bitcoin value technicals are flashing a warning as a possible head-and-shoulders (H&S) sample emerges.

An H&S sample varieties when the value varieties three peaks in a row atop a standard assist line (known as neckline). The center peak, known as the pinnacle, is greater than the opposite two peaks: the left and the fitting shoulders.

Associated: Bitcoin fails to recoup post-Fed losses as $20K BTC price returns to radar

The H&S sample resolves after the value breaks beneath the neckline and falls to the extent at size equal to the utmost peak between the pinnacle and the neckline. As proven beneath, Bitcoin has began breaking down beneath its neckline stage of round $26,420.

BTC/USD four-hour value chart. Supply; TradingView

On account of this traditional technical setup, the bearish goal for BTC value someday in October will probably be round $25,400.

This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a choice.