Bitcoin News and Forecast for September 18, 2023
Date: 2023-09-18 Author: Dima Zakharov Categories: BLOCKCHAIN
The weekend witnessed no significant changes in the price of Bitcoin, and the Bitcoin forecast remains moderately positive.
Since mid-August 2023, Bitcoin has been consolidating within a horizontal trading range, defined by resistance at $26,670 and support at $25,650.
Impact of the Global Situation on Bitcoin Forecast
World leaders are converging in New York this week for the United Nations General Assembly, and there are many pressing topics on their agenda, from wars to global warming and a series of upheavals in Africa. Although the meeting is unlikely to offer any definitive solutions to global issues.
Federal Reserve officials have indicated their readiness to raise borrowing costs again if the economy and inflation persist at elevated levels. The main question currently preoccupying most of Wall Street is how long the Fed will maintain rates at such high levels if they do indeed continue to rise. Economists expect officials to keep rates in the range of 5.25% to 5.5% at their meeting on September 19-20, with the first cut occurring in May, two months later than economists had anticipated in July.
According to S&P Global Ratings, 69 American companies have defaulted on debt payments in the first eight months of this year, a 176% increase compared to the same period in 2022.
In August, there were 16 instances of defaults, the highest for that month since 2009 when the economy was still grappling with the aftermath of the global financial crisis.
Retail sales in China grew by 4.6% year-on-year in August (against a forecasted growth of 3.0%), while industrial production increased by 4.5% year-on-year (compared to a forecasted growth of 3.9%). Additional measures by China to support its national economy have also contributed to the bullish sentiment in the markets. It has been revealed that the People's Bank of China injected 591 billion yuan into the country's financial system as part of its medium-term lending program.
Short-Term Bitcoin Price Forecast
The market will be awaiting the Federal Reserve meeting on Wednesday, so until then, the Bitcoin price may remain within its current range. Minor fluctuations in the cryptocurrency's value are possible.
