Bitcoin Price Prediction: BTC Bounces Back After Hitting 38.2% Fibonacci Retracement
The price of Bitcoin (BTC) has experienced a significant rebound after reaching the key 38.2% Fibonacci retracement level.
This technical level acted as a strong support, triggering a bullish momentum in the market. Bitcoin has shown resilience and recovered from the recent pullback, indicating a potential upward trend continuation.
In this Bitcoin price prediction, we will analyze the current price action and explore the potential scenarios for Bitcoin's price in the near term.
Unexpectedly positive GDP and unemployment numbers were released by the United States, but cryptocurrency investors focused more on the debt ceiling talks.
Debt limit worries are undoubtedly impacting Bitcoin and cryptocurrencies in general. The stalemate of the US government’s debt ceiling talks will pave the way to whether it can pay its debts in June.
On Thursday, White House and Republican lawmakers reported some progress being made in the talks; however, an agreement to avert the government default is still not taken. Market participants are eagerly awaiting any hint to take decision accordingly.
Popular consumer Bitcoin service, Bottlepay, has announced its closure on Monday, July 24, 2023, prompting customers to withdraw their bitcoins.
Users are requested to withdraw funds from the Bottlepay app in either Bitcoin or fiat currency (GBP/EUR) before the specified closure date, as the company will terminate all accounts.
If funds are not withdrawn by the closure date, Bitcoin will be converted to fiat currency and returned to the designated bank account. Any remaining fiat in the account will also be sent back to the respective bank account.
Users were advised to exercise caution when selecting alternative custodial wallets or converting Bitcoin
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