The price of BTC rebounds from $ 42,000 as the U.S. infrastructure bill vote and month-end closing favor Bitcoin

The price of Bitcoin (BTC) approached $ 43,000 On Wednesday, September 29, an “macroeconomic situation” kept shareholders vigilant.

BTC / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

BTC on another drop below $ 41,000

Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD fluctuated a little higher after retesting USD 40,000 overnight.

The pair had shown what the underlying strength might be afterwards multiple tests of the $ 40,000 mark, But on Wednesday traders warned more generally that little has really improved.

The price of BTC rebounds from $ 42,000 as the U.S. infrastructure bill vote and month-end closing favor Bitcoin
The price of BTC rebounds from $ 42,000 as the U.S. infrastructure bill vote and month-end closing favor Bitcoin

BTC is enjoying a rally today, but the macro picture remains the same: it’s still just below the 21-week EMA, the trader and analyst at Capital Rekt summarized on his last Twitter update.

“BTC needs to rebound by ~ $ 43,600 this week to capitalize on the bullish momentum BTC generated after breaking ~ $ 40,000 last week.”

BTC / USD 1-week candlestick chart (Bitstamp) with 21-week exponential moving average (EMA). Source: TradingView

This level would bring Bitcoin slightly above the worst case price of USD 43,000 for its month-end. something the forecasters PlanBÂ repeatedThat was still up for grabs this week.

Meanwhile, concrete events such as the announcement of the main Binance exchange, the Withdrawals and trading suspended for two hours due to scheduled maintenance, this had little effect on the spot price movement.

In terms of macroeconomic signals, Thursday remained the day for US lawmakers to vote on the controversial, multi-million dollar “infrastructure bill” after the original deadline was extended.

Binance Coin breaks the trend of altcoins

Altcoins remained unchanged on the day, Ether (ETH) was unchanged at just under 3,000 US dollars.

Just Binance Coin (BNB) produced remarkable moves in the top 10 cryptocurrencies by market capitalization, an increase of 7% after the maintenance episode is completed.

As Cointelegraph reported on Monday, Altcoins are set for a downtrend to cyclical lows versus Bitcoin in the coming monthsbefore celebrating its own comeback in 2022.

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