The increase in the U.S. debt ceiling and encouraging comments from the country’s government representatives led to a 2.6% rise in the cryptocurrency market – from $1.19 trillion to $1.22 trillion.
Bitcoin was able to regain the positions lost during the month and rose to $28,000.
According to the technical analysis of changes in the BTC value, now on the H4 timeframe the bitcoin price is near a strong resistance area in combination with indicators located in the overbought zone.
Crypto market experts reported that at this stage, the rate of BTC may correct slightly, as evidenced by the current value data ranging from $27,800 to $27,903.
In exchange trading, the four-hour timeframe (H4) refers to the standard timeframes with almost no market noise.
It is almost unaffected by current economic news, except for news that could shake the price of the asset in question in the long run.
At the same time, on the weekly timeframe, the price of BTC showed strong candles confirming the upcoming reversal and probably the first by capitalization cryptocurrency can again test the area of $30,000 to $31,000.
Earlier, forming a response to a query from crypto-industry experts about the possible movement of the bitcoin price at the time of the coming halving, the popular ChatGPT chatbot predicted that the event would be the catalyst for a “massive bull race.”