{"id":337669,"date":"2023-08-23T04:00:51","date_gmt":"2023-08-22T22:30:51","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=337669"},"modified":"2023-08-22T18:07:42","modified_gmt":"2023-08-22T12:37:42","slug":"bitcoin-exploring-sub-20k-price-possibility-amid-rate-hikes","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-exploring-sub-20k-price-possibility-amid-rate-hikes\/","title":{"rendered":"Bitcoin: Exploring sub-$20k price possibility amid rate hikes"},"content":{"rendered":"<ul>\n<li><em>Assessing Bitcoin\u2019s next move now as the bears take a breather.<\/em><\/li>\n<li><em>Whale activity suggests prospects of a potential bullish relief.<\/em><\/li>\n<\/ul>\n<p>Appetite for leverage in <a href=\"http:\/\/ambcrypto.com\/bitcoin-traders-should-be-ready-to-sweep-the-market-unless-btc\/\" target=\"_blank\" rel=\"noopener\">Bitcoin [BTC]<\/a> trading exposed the inherent risks on the market when interest rates surge. In BTC\u2019s case, many traders are forced to liquidate just so they can afford to keep up with debt due to rising rates.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the <a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\">Bitcoin Profit Calculator<\/a><\/p>\n<hr \/>\n<p>It is no surprise that the U.S Federal Reserve\u2019s decision to keep rates high is associated with Bitcoin\u2019s recent bearish sentiment. Many analysts currently expect Bitcoin\u2019s potential upside to be subdued as the FED is anticipated to keep interest rates high.<\/p>\n<p>The FED is not expected to decrease interest rates substantially unless the level of inflation goes below the 2% level.<\/p>\n<p>It might take a while before inflation levels are down to favorable levels. This means interest rates may not favor a substantial Bitcoin surge (all factors held constant). However, that might be subject to treasury bond dumping. Such a situation could force the FED to intervene and lower interest rates.<\/p>\n<blockquote class=\"twitter-tweet\"><p>https:\/\/twitter.com\/peruvian_bull\/status\/1693759648598458782?ref_src=twsrc%5Etfw<\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<h4><strong>Evaluating the possibility retesting the $20,000 price tag<\/strong><\/h4>\n<p>Bitcoin might be oversold after the recent crash but that does not necessarily negate more downside possibilities. Peruvian Bull\u2019s analysis suggests that there could be another wave of <a href=\"http:\/\/ambcrypto.com\/bitcoin-analyzing-the-latest-sentiment-in-btc-derivatives-market\/\" target=\"_blank\" rel=\"noopener\">sell pressure<\/a> before the FED lowers interest rates.<\/p>\n<p>Can Bitcoin really drop from the current level? Well, the recent sell pressure lowered the level of profitability. According to Glassnode data, the percentage of Bitcoin addresses in profit is now at $61.47%. This means there is still more room for another shakedown.<\/p>\n<figure id=\"attachment_337678\" aria-describedby=\"caption-attachment-337678\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_btc-percent-addresses-in-profit-btc-exchange-balance-total.png\"><img decoding=\"async\" class=\"wp-image-337678 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_btc-percent-addresses-in-profit-btc-exchange-balance-total.png\" alt=\"Bitcoin percent of addresses in profit and exchange balance\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_btc-percent-addresses-in-profit-btc-exchange-balance-total.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_btc-percent-addresses-in-profit-btc-exchange-balance-total-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_btc-percent-addresses-in-profit-btc-exchange-balance-total-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_btc-percent-addresses-in-profit-btc-exchange-balance-total-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_btc-percent-addresses-in-profit-btc-exchange-balance-total-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-337678\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>Bitcoin exchange balance has also dropped below June levels, which underscores a fall in the level of confidence in the market. Despite the above observations and the discounted price, the level of demand, especially from whales, remains low.<\/p>\n<p>A substantial price drop usually triggers some accumulation, which in turn offers some short-term relief.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Check out <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\">Bitcoin&#8217;s price prediction for 2023\/2024<\/a><\/p>\n<hr \/>\n<p>Let\u2019s take a look at some on-chain findings which suggest that there might be some bullish attempts in the next few days. <a href=\"http:\/\/ambcrypto.com\/bitcoin-the-woes-of-btc-miners-continue-as-prices-crash\/\">Miner balances<\/a> have been on the rise, which meant that BTC miners are opting to hodl in anticipation of higher prices. It also means things are not so bad as to warrant a selloff.\u00a0 <a href=\"http:\/\/ambcrypto.com\/why-bitcoin-might-soon-exit-the-bear-market\/\">Bitcoin whales<\/a> holding over 1,000 BTC (denoted in green) have been gradually re-accumulating since 19 August.<\/p>\n<figure id=\"attachment_337676\" aria-describedby=\"caption-attachment-337676\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_btc-miner-balance-btc-addresses-with-balance-1k-btc-addresses-with-balance-10k.png\"><img decoding=\"async\" class=\"wp-image-337676 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_btc-miner-balance-btc-addresses-with-balance-1k-btc-addresses-with-balance-10k.png\" alt=\"Bitcoin miner balances and whale address activity\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_btc-miner-balance-btc-addresses-with-balance-1k-btc-addresses-with-balance-10k.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_btc-miner-balance-btc-addresses-with-balance-1k-btc-addresses-with-balance-10k-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_btc-miner-balance-btc-addresses-with-balance-1k-btc-addresses-with-balance-10k-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_btc-miner-balance-btc-addresses-with-balance-1k-btc-addresses-with-balance-10k-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_btc-miner-balance-btc-addresses-with-balance-1k-btc-addresses-with-balance-10k-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-337676\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>Meanwhile, addresses in the 10,000 BTC range accumulated back to 13 August levels. This means they exited before the crash and accumulated back suggesting that they anticipate some upside. Nevertheless, these findings are subject to market changes. In this case, interest rate related announcements should definitely be on the list of factors to watch.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sell pressure lowered the level of profitability. According to Glassnode data, the percentage of Bitcoin addresses in profit is now at $61.47%.<\/p>\n","protected":false},"author":63,"featured_media":337689,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-337669","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin: Exploring sub-$20k price possibility amid rate hikes - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Appetite for leverage in Bitcoin trading exposed the inherent risks on the market when interest rates surge. 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