The cryptocurrency market is making another upward push with Bitcoin (BTC) briefly reclaiming the $82,000 mark. CoinGecko data shows that BTC’s price has risen by 4% in the last 24 hours and nearly 26% over the last month. BTC seems to be facing some resistance around $82,100. Let’s discuss why Bitcoin (BTC) is up today, and if it can continue its climb to $90,000.
Why Is Bitcoin Up Today?
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Bitcoin and the larger crypto market has made multiple upward efforts over the last two weeks. Late August saw the first upswing right after President Trump’s White House cryptocurrency event and the US Treasury’s increased bond buy backs. The first development led to increased investor confidence, and the second led to higher liquidity. However, Bitcoin (BTC) and the larger crypto market faced a correction after Federal Reserve Chair Kevin Warsh gave a hawkish speech at the Jackson Hole meeting. Warsh warned of rising inflation, which led to many anticipating an interest rate hike.
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Bitcoin’s (BTC) latest rally comes after it was seen that US Treasury yields fell. Furthermore, Federal Reserve Governor Christopher Waller said on Thursday that they may keep interest rates unchanged if inflation remains cool. In fact many anticipate interest rates to go down if inflation comes in lower than anticipated. BTC could potentially climb to $90,000 if interest rates are lowered.
Are There Any Risks?
The cryptocurrency sector is a high-risk market. While the rally is commendable, there are still some factors that could pull prices down. Firstly, the late August rally was fueled by higher liquidity from the Treasury’s increased bond buybacks. The Treasury will have to eventually refill its coffers. When that happens liquidity may leave from Bitcoin (BTC) and the larger crypto market. Such a move could lead to a market dip.
Secondly, inflation remains the major market mover. If inflation comes in higher than anticipated, chances of an interest rate hike will substantially increase. Higher rates will negatively impact Bitcoin (BTC) and other cryptocurrencies.