At the middle of May, Bitcoin prices went down as everyone in the markets was dealing with some big changes. The biggest one was that the U.S Federal Reserve raised interest rates again. Also, they said that more people had jobs than they expected. Are we going to see Bitcoin go up in price soon? We have two weeks left in May to find out!
Bitcoin’s Price Plummets as Market Opinion Shifts, FED Raises Interest Rates & Number of Non-Farm Jobs Increase Unexpectedly
At the middle of May, bitcoin’s price dropped to its lowest in two months, due to a change in the market’s opinion after April’s big gains.
Because several important events happened right after one another, traders found it harder to predict what would happen next with bitcoin’s price.
The Fed raised interest rates by 0.25 percent, shortly after the number of non-farm jobs increased more than expected – from 180,000 up to 253,000.
Recently, the price of goods has gone down to 4.9%. However, nobody knows for sure what the Federal Reserve will decide during its meeting next month.
Is Bitcoin Going to Reach $30,000 by Month-End?
Last Friday, Bitcoin dropped to its lowest price since March 17 when it was worth less than $25,000. It went all the way down to $25,810 after breaking away from the main price of $26,500. After that though, Bitcoin went back up and reached $27,527.51 at its highest point this session.
Looking at the graph, one of the reasons why bitcoin is trying to rise again is because its 14-day Relative Strength Index (RSI) went above 42.00. The RSI now stands at 44.66 and bitcoin is back around $27,500. It looks like investors are aiming for it to reach $28,000 soon.
The Relative Strength Index (RSI) of Bitcoin is currently at 48.00, and if it moves higher than this then the price of Bitcoin could reach & even go beyond $28,000 before the end of the month. There’s even a chance that it might actually hit $30,000!
Do you think Bitcoin’s price will make it to those levels by the end of the month? Let us know what you think in the comments section.