How Will Bitcoin Move in the Coming Weeks After Rejection at $38,000? Analysts Evaluated!

Leading cryptocurrency according to CoinMarketCap data Bitcoin While there are minor changes in price, some altcoins It gave back most of its gains.

at this point sin ten 24 hours Solana (SOL) 7%; Cardano (ADA) 3.4%; Dogecoin (DOGE) fell by 5% and Chainlink (LINK) by 7%.

In the face of these declines, it rose by more than 8% after the news that it could pay 4 billion dollars for the lawsuit filed against Binance. BNB It currently stands at $259.3.

While Bitcoin and altcoins move with different dynamics, some analysts said that they expect BTC to move horizontally in the coming weeks.

Speaking to Coindesk Analysts of Bitbank, Japan’s leading exchangesaid BTC’s recent rally has faced headwinds due to increased uncertainty regarding the Fed’s next steps and delays with ETFs.

Analysts led by Yukari Kusu Stating that BTC should move horizontally for a while in the face of the headwinds it is facing, he said:

“The recent rally in Bitcoin was suppressed at the psychological level of $38,000.

One of the reasons why Bitcoin failed to break this level is the SEC’s decision to postpone its decision to approve or disapprove Hasdex’s Bitcoin ETF on Thursday.

One of the other reasons is the uncertainty about how the FED will act regarding interest rates.

“In the face of these uncertainties, we expect BTC to move sideways in the coming weeks.”

At this point, as the FED’s December interest rate decision approaches Bitfinex analysts He said they expect the FED to keep interest rates constant at its December meeting.

Bitfinex analysts “Although we expect the FED to keep interest rates constant in December, this pause in interest rate increases does not indicate a change in the FED’s broader tightening policy. “The Fed will remain cautious and be prepared to raise interest rates if inflation persists or rises unexpectedly.” said.

Bitcoin continues to trade at $37,233 at the time of writing.

*This is not investment advice.