- Bitcoin (BTC) has recorded a strong rise and is currently trading at $26,690, with a market capitalization of $519 billion. The BTC price is showing strength on technical charts.
- If buying pressure increases for BTC, there is a possibility that prices could move towards the middle or upper boundary of the channel, in which case targets of $28,000 or $31,000 could be considered.
- One of the most important events to watch is the announcement of the Federal Reserve’s Federal Funds Rate on Wednesday, September 20th. The current rate is set at 5.50%.
According to the Bitcoin price chart, is BTC ready to rise to its $31,000 target? This week’s critical developments may trigger volatility.
Is Bitcoin Ready to Reach $31,000?
Bitcoin (BTC) has experienced a strong rise and is currently trading at $26,690, with a market capitalization of $519 billion. The BTC price is showing strength on technical charts, and there is a possibility of another move towards $31,000 in the near future.
Popular crypto analyst Ali Martinez has stated that the 3-day Bitcoin chart is showing a potential buying signal according to the TD Sequential indicator. If buying pressure increases for BTC, there is a possibility that prices could move towards the middle or upper boundary of the channel, in which case targets of $28,000 or $31,000 could be considered.
However, it’s important to pay close attention to the TD Risk Line at around $24,500, according to Martinez, as this serves as a critical point for confirmation.
Currently, Bitcoin is trading just above the previous resistance level of $26,500 and seems to be forming a double-top pattern as it approaches the $26,800 resistance. There is a descending trendline around $26,750, which could potentially hinder Bitcoin’s upward movement. If Bitcoin manages to break this trendline, the next target could be the $27,000 level.
Looking further ahead, the $27,600 level represents a significant resistance point. If Bitcoin successfully surpasses this level, it could pave the way to reach the milestone of $28,000 and potentially go even further to $31,000.
Key Events That Could Affect Bitcoin Price
This week, there are some important events that could affect Bitcoin price dynamics. One of the most important events to watch is the announcement of the Federal Reserve’s Federal Funds Rate on Wednesday, September 20th. The current rate is set at 5.50%.
On the same day, market observers will closely follow the FOMC Economic Projections, the FOMC Statement, and subsequently, the FOMC Press Conference. Any soft or hard stance from the Fed could trigger significant volatility in traditional markets and potentially have effects on the crypto market.
By Thursday, September 21st, attention will shift to Unemployment Claims data, with analysts expecting a slight increase from 220K to 222K.
As the week concludes on Friday, September 22nd, investors will look at the Flash Manufacturing PMI and Flash Services PMI data, with expectations set at 47.9 and 50.8, respectively. These indexes provide information about economic health and, if deviating from expectations, can impact market sensitivity, indirectly affecting the price of Bitcoin.
