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Bitcoin Price Prediction as Weekend Trading Volume Falls to $10 Billion – Is a Big Move on the Way?

Arslan Butt
Last updated: | 2 min read

Bitcoin is currently trading at $29,436, experiencing a slight increase of nearly 0.50% on Saturday. 

As the weekend commences, market participants wonder if this low trading volume of $10 billion could be a precursor to a significant price swing. 

In other news, the White House forecasts a surge in CPI inflation for the years 2023 and 2024, while the ongoing bankruptcy dispute sees FTX and Genesis resolving. 

These developments add to the dynamics influencing Bitcoin’s price movement, prompting investors to monitor the market for potential opportunities and risks closely.

White House Forecasts Increase in Inflation Rates for 2023 and 2024

The value of BTC/USD is going up today due to the White House’s prediction of an increase in CPI inflation in the years 2023 and 2024. 

These new projections might imply that the Federal Reserve’s PCE target could go up, which could create some uncertainty in the economy. 

However, US lawmakers are showing their support for cryptocurrencies, with Congressman Patrick McHenry describing Bitcoin as a “financial revolution”.

The House Financial Services Committee’s approval of the “Keep Your Coins Act of 2023” also contributes to a positive outlook for Bitcoin. 

Despite recent setbacks, Bitcoin’s price is now displaying signs of improvement and is currently trading for $29,300.

FTX and Genesis Reach an Agreement in a Bankruptcy Dispute

Bitcoin’s value against the US dollar is increasing today thanks to an agreement reached between two major players in the cryptocurrency space, FTX, and Genesis

Genesis Global Capital, which is owed $226 million by FTX, has resolved its disputes with the exchange. 

This development is positive news for the market, as it removes uncertainty and could increase investor confidence. 

As a result, Bitcoin’s value is rising. The resolution between FTX and Genesis could also help stabilize the cryptocurrency industry, contributing to Bitcoin’s current price increase. 

At present, Bitcoin is showing signs of recovery and is trading at a higher value.

Bitcoin Price Prediction 

Over the weekend, it seems that Bitcoin has gained substantial support as it reached the $29,000 mark. 

This is indicated by a series of candles, such as Doji and spinning top, which have closed above this level. 

Currently, Bitcoin is positioned slightly under the $29,500 hurdle, which is further reinforced by a downward trend line visible in the four-hour window.

Bitcoin Price Chart – Source: Tradingview

Should BTC surpass the $29,500 threshold, it could encounter a hurdle at the $30,000 mark, which holds considerable psychological weight. 

Additionally, the next possible barrier lies at $30,350. 

On the other hand, if BTC dips under $29,000, the next support level remains at approximately $28,800. Should it slip below this point, there may be a decline towards $28,250.

Top 15 Cryptocurrencies to Watch in 2023

We suggest keeping up with the latest initial coin offering (ICO) projects and alternative cryptocurrencies by regularly browsing our carefully selected list of the top 15 digital assets to watch in 2023. 

This collection has been thoughtfully chosen by experts in the industry from Industry Talk and Cryptonews, ensuring that you receive professional recommendations and valuable insights. 

By exploring the potential of these cryptocurrencies, you can stay ahead of the game and confidently navigate the constantly evolving world of digital assets.

Find The Best Price to Buy/Sell Cryptocurrency

 

Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.