Bitcoin accumulated a gain of almost 32% in 7 days and targets US$27,000 as risk assets improve

On the last business day of the week, bitcoin (BTC) reached a new high for the year, at US$26,891, and may still break today the level of US$27,000, unheard of since early June last year.

In the last seven days, the cryptocurrency has already accumulated a gain of almost 32%.

The appreciation occurred after the bailout of banks in the U.S. and Europe, which brought relief to risk assets as a whole and the prospect of a smaller tightening of interest rates to contain inflation.

The largest of the cryptocurrencies, bitcoin, faced until yesterday difficulty in consolidating the US$ 25 thousand, seen by analysts as the level of programmed sales and barrier challenging to break in the face of current macroeconomic uncertainties and regulatory tightening the sector of digital assets.

According to analysts, this difficulty may have been left behind with Friday’s appreciation.

This resistance seems broken for André Franco, head of Research at MB. “This marks the breaking of its previous resistance at the US$25,000 house,” he said, pointing out that on-chain data shows an accumulation of 3,000 bitcoins in the position of long-term investors (LTH), equalizing the previous downward movement.

The ether (ETH) followed bitcoin and reached nearly US$1,800, just days before the new blockchain update allowed the release of separate tokens for staking services.

In the past seven days, the rise has already reached 22%. With Friday’s appreciation, cryptocurrencies total US$1.19 trillion in market value.

Around 8:30 am (EST), bitcoin was trading at US$26,812, up 6.9% in the last 24 hours, according to CoinGecko.

The ether was worth US$1,749.25, up 5%. In reais, bitcoin was quoted at R$139,963.43 (up 6.15%), while ether was at R$9,154.99 (+4.02%), according to MB.

Fernando Pereira, an analyst at Bitget, believes cryptocurrencies anticipate the prospect of monetary easing with the Federal Reserve meeting next week.

For him, the Fed should reduce the dose of interest rate hikes and signal less tightening in the current adjustment cycle, which could take bitcoin to the $28,000 mark.

“Next week, we will again have a probable increase in interest rates by the Fed, and the market has already begun to price a possible rise in the range of 0.25 points, which greatly encouraged investors who feared a new increase of 0.50 points.”

“If this 0.25% increase is confirmed, we could see the Nasdaq rally around 9% in the next seven days, which would probably take bitcoin to the US$28,000 region due to the strong correlation between these two assets,” he said.

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