Bitcoin to Revisit $82,500 Level: Wintermute Issues Market Forecast
Wintermute, a firm that analyzes market trends, predicts that Bitcoin will test its $82,500 level. According to Wintermute, this is an important confirmation point for the recent breakout above the 50-week moving average.
The 50-week moving average has been a key indicator for Bitcoin's price movements in the past. Holding above it could provide a solid base for further upside, while a close below $82,500 would call the recent breakout into question.
Wintermute also notes that macroeconomic factors will increasingly shape the crypto market's next moves, including oil prices and the situation in the Strait of Hormuz. The firm believes that if oil stays around $100 or higher, the market will continue to price in the possibility of another rate hike in October.