On October 21, the trading price of Bitcoin ended up falling near $19,000. Although the bulls tried their best to rebound the trading price of Bitcoin, the bears did not give them enough room to fight back.
Therefore, the trading price of Bitcoin continued declining and fell below the $19,000 level.
Rumors Surrounding the US Feds
The decline was recorded as the Bitcoin market was unrest due to the rumors that the US Feds were still sticking with their strategy.
The US Feds have no desire of reducing the interest rates. Instead, they want to proceed with more rate hikes, which would eventually cause the trading price of the US dollar to hike in the global forex market.
As the US Feds intend to proceed with rate hikes even in November, it only goes to suggest that the trading price of Bitcoin would continue weakening.
With the value of the USD going up, the gains from BTC holdings would continue to weaken. This is not a good sign for the Bitcoin market, which has ultimately caused a lot of panic in the entire crypto market.
Bitcoin is known to be the engine of the entire crypto industry, which drives the entire crypto market wherever it goes. If BTC moves in the negative direction, then the entire market would eventually follow it.
BTC Price Hit a 1-Week Low
This is a matter of great concern for the entire cryptocurrency market and investors are holding back from making investments in Bitcoin.
The TradingView report shows that the trading price of Bitcoin has ended up hitting a low price of $18,660. It is a 1-week low for Bitcoin and a major concern for the investors with positive sentiments.
After hitting the 1-week low, the bulls decided they would attempt a rebound and indeed, they were able to push BTC close to $19,000. Even at the time of writing, the bulls are attempting to retake $19,000.
Bright Days Ahead
Although Bitcoin is set mainly for a downfall in the month of November, speculations are that Bitcoin would recover in December.
The speculations come from the commentary that was released from the FOMC meeting. It was revealed that the Feds are eyeing another 75 bps interest rate hike in the month of November.
However, they plan on loosening things up in terms of interest rates in the month of December. Therefore, many market analysts are speculating that a rate decline would be witnessed in December.
If that happens, then the trading price of Bitcoin would start recovering. The bulls would gain the opportunity of supporting Bitcoin with stronger sentiments.
This would eventually push the trading price of BTC to higher levels. Bitcoin may even manage to cross the $25,000 barrier for the first time after several months.