How Will Bitcoin Move in the Coming Weeks After Rejection at $38,000? Analysts Evaluated!

According to CoinMarketCap data, while there were minor changes in the price of the leading cryptocurrency Bitcoin, some altcoins gave back most of their rise.

At this point, Solana (SOL) 7% in the last 24 hours; Cardano (ADA) 3.4%; Dogecoin (DOGE) fell by 5% and Chainlink (LINK) by 7%.

In the face of these declines, BNB is currently at $259.3, while it rose by more than 8% after the news that it could pay $4 billion for the lawsuit filed against Binance.

While Bitcoin and altcoins move with different dynamics, some analysts said that they expect BTC to move horizontally in the coming weeks.

Speaking to Coindesk, analysts at Bitbank, Japan's leading exchange, said that BTC's recent rally has faced headwinds due to increasing uncertainty regarding the FED's next steps and delays with ETFs.

Analysts led by Yukari Kusu stated that BTC should move horizontally for a while in the face of the headwinds it is facing and said:

“The recent rally in Bitcoin was suppressed at the psychological level of $38,000.

One of the reasons why Bitcoin failed to break this level is the SEC's decision to postpone its decision to approve or disapprove Hasdex's Bitcoin ETF on Thursday.

One of the other reasons is the uncertainty about how the FED will act regarding interest rates.

“In the face of these uncertainties, we expect BTC to move sideways in the coming weeks.”

At this point, as the FED's December interest rate decision approaches, Bitfinex analysts said that they expect the FED to keep interest rates constant at the December meeting.

“Although we expect the FED to keep interest rates steady in December, this pause in interest rate hikes does not indicate a change in the FED's broader tightening policy. The FED will remain cautious and is ready to raise interest rates if inflation persists or rises unexpectedly,” Bitfinex analysts said. will happen.” said.

Bitcoin continues to trade at $37,233 at the time of writing.

*This is not investment advice.

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