Bitcoin (BTC) is holding the $80,000 price level, while facing some resistance at the $82,000 mark.According to CoinGecko data, BTC’s price has seen no change in the last 24 hours, but is up 1% in the weekly charts, 3.9% in the 14-day charts, and 10.9% over the previous month. Let’s discuss if Bitcoin (BTC) will maintain its gains, or will it face another price correction soon. Here’s what you should know before investing in Bitcoin (BTC) right now.
Bitcoin’s (BTC) recent climb to the $82,000 mark was likely due to potential peace talks between the US and Iran coming to fruition. However, talks seem to be slowing down and there is a probability of increased geopolitical tensions. Oil prices continue to remain above the $100/barrel mark, and may lead to increased volatility.
Another factor behind Bitcoin’s (BTC) rally could be the potential passing of the CLARITY Act later this month. However, banking groups have called for new language to ban stablecoin yields. Additionally, some policymakers have called for language changes to include ethics in the CLARITY Act. These challenges could stall the legislation, which may have led to Bitcoin’s (BTC) price consolidating.
Furthermore, the Federal Reserve decided to keep interest rates unchanged after the April FOMC (Federal Open Market Committee) meeting. Higher rates may have led to investors becoming cautious about risky assets, such as Bitcoin (BTC) and other cryptocurrencies.
Also Read:Worried About Investing In Crypto? 3 Myths Debunked
Given the larger uncertainties, there is a chance that Bitcoin (BTC) could face a price correction or continue consolidating in the coming days. However, if the asset breaches past its $82,000 resistance level, it could see a push to the $85,000 price level. However, things are still unclear and investors continue to be cautious.
Source: Watcher Guru
