Bitcoin started attracting buyers after it began to float around the $18,000 price level. BTC rose rapidly on the chart two weeks later. However, the technical outlook for the coin suggested that the bears had not given up yet.

BTC can break above the $20,000 price level if the bulls can maintain their momentum during the upcoming trading sessions. Once the bulls break out of the $20,000 barrier, the possibility of a rally towards the $22,000 price level cannot be ruled out.

At the time of writing, BTC was trading at $19,120 and was down more than one percent in the last 24 hours.

The crypto market had a significant sell-off as a result of the Federal Reserve continuing its aggressive stance and raising interest rates. The probability of a recession has also increased as a result of the Fed’s position.

Will the Fed change course soon?

As reported by Bloomberg, Professor Jeremy Siegel of the University of Pennsylvania predicts that the stock market will rise 20% to 30% next year because it is currently undervalued. He thinks the Federal Reserve is draining enthusiasm from the market.

The stock market in general and the cryptocurrency market have a close relationship. Cryptocurrency assets have a beta of 2 compared to the broader stock market, according to Coinbase Research. In other words, the price of cryptocurrencies will fluctuate twice as much as the general market.

The crypto winter was mostly about the macroeconomic perspective rather than the cryptocurrency perspective, Coinbase research reveals. According to Siegel, the cost of inflation to the economy is offset by the risk of a recession.

It also emphasizes that the Fed will soon change course if it sticks to long-term patterns. He argues that the central bank needs to give the interest rate increase time to take effect.

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