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Trading experts predict momentum for Bitcoin if it holds this crucial level

Trading experts predict momentum for Bitcoin if it holds this crucial level

The cryptocurrency sector is back on its feet pushed by the strengthening of its major assets, including Bitcoin (BTC), which has recorded some gains in recent days and led some crypto trading experts to speculate on its key price levels in the near future.

One, in particular, is market analyst Michaël van de Poppe, who expects that Bitcoin would see “some momentum” if it holds support at the $19,000 level “or reclaim $19.3K again,” as he explained in a tweet on September 29.

Bitcoin price action analysis. Source: Michaël van de Poppe

According to the trading expert:

“If that holds, $19.6K seems likely and then, finally, some momentum.”

Likewise, crypto trader and analyst Josh Rager posted his own bullish analysis on September 29 suggesting that, based on daily close, a “bounce here to $21ks or rally higher to $24ks” is possible.

Bitcoin price action analysis. Source: Rager

At the same time, both professional crypto traders have also expressed anticipation regarding the new Personal Consumption Expenditures (PCE) price index for August that is set to be released on September 30, expecting it to have an impact on the price of Bitcoin.

Encouraging data as S&P 500 correlation eases

As things stand, the maiden cryptocurrency is trading at $19,541, up 0.47% on the day, as well as 2.26% across the previous seven days, while its market capitalization is currently at $374.21 billion, as per CoinMarketCap data.

Bitcoin 7-day price chart. Source: CoinMarketCap

It is also worth noting that, according to the on-chain and social metrics platform Santiment, Bitcoin and Ethereum (ETH) are now holding their own, “without the support of the S&P500, which is down -2.4%,” and “if the correlation is easing between crypto and equities, this is very encouraging,” the platform stated on September 29.

On top of that, market data has shown that investors are increasingly flocking to Bitcoin as they trade their euros and pounds for it in record numbers, due to the fiat currencies’ declining value, as Finbold reported.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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