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Bitcoin posts weekly gains of 17%

Bitcoin posts weekly gains of 17%

Bitcoin (BTC) remained higher until the weekly close on September 10, with optimistic forecasts favoring a rise to $23,000.

Hourly candlestick chart of the BTC/USD pair (Bitstamp). Source: Trade View

The goal of $23,000 is still relevant

According to data from Cointelegraph Markets Pro and TradingView, the BTC/USD pair hit $21,730 on Bitstamp overnight, a high since August 26.

The pair managed to hold on to its earlier gains despite low volume trading conditions over the weekend, which could have magnified any weakness.

There was some excitement among analysts going into the new week, which should be key for cryptocurrency prices soon.

The Ethereum (ETH) Merge upgrade and the new US inflation data are the major catalysts expected to influence the market.

“Expect volatility around next week’s economic data,” he said. noticed Content Indicators, an on-chain tracking platform, as part of a tweet posted last weekend.

“Meanwhile, remember…it’s a rally. If you don’t take profits along the way, you risk giving it back.”

The accompanying chart showed that the BTC/USD order book at Binance offered strong resistance near $21,500, an area the bulls appeared to have breached there.

BTC/USD order book details (Binance). Source: Content Indicators/Twitter

For the famous Il Capo of Crypto account, there is still room for more upside.

Liquidation of short positions is not complete. The $22,500-23,000 range should be next.
— il Capo Of Crypto (@CryptoCapo_) September 11, 2022

He has, however added that there was a “90% chance” that the price of BTC would return below $20,000 in the future.

The $23,200 threshold was also a target for trader CJ, who looked at the various short-term levels for clues to long and short entry positions.

#BTC. Brush the highs equal to $21,900 and close by mid-July and I will look for a short post focusing on the monthly opening. Recap the center or hold it as support and we’ll likely see a quick move towards $23,200 pic.twitter.com/xv9oarffsA — CJ (@IrnCrypt) September 10, 2022

The “Septembers” take a hit

Thus the weekly close was shaping up to a three-week high, with bitcoin already trading above the closing prices of the second half of August.

Also read: Bitcoin frozen at $10,000? The bitcoin analyst who declared 2018 a banner year warns!

Weekly candle chart of BTC/USD pair (Bitstamp). Source: Trade View

On the macro side, the continued build-up of risk assets is expected to rise higher, with analyst Hernik Zeberg particularly bullish.

“Every time inflation hits, the stock market goes up! EVERY TIME! And the RSI (momentum) – is in the reversal zone,” he said. declared the same day.

“US IPT will be released on Tuesday. This time will be no different! “.

Annotated chart of US inflation versus the S&P 500. Source: Henrik Zeberg/ Twitter

July CPI data showed that the United States may already have peaked in inflation.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Cointelegraph.com. All investment and trading involves risk. You should do your own research before making a decision.

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