The price of Bitcoin has moved back above the key support level of $26,000 U.S. as traders push the leading cryptocurrency out of the stagnant range that it has been stuck in for a month.
The price of Bitcoin has risen more than 2% over the past 24 hours to trade at $27,200 U.S, moving above the $25,000 U.S. to $26,000 U.S. range that it has traded in since mid-August.
The break above the $27,000 U.S. is being viewed by analysts as a psychological win for investors as Bitcoin continues to suffer from historically low trading volumes, a sign of waning interest in the cryptocurrency sector.
The upcoming interest rate decision on September 20 by the U.S. Federal Reserve is likely to further move cryptocurrency prices, say analysts.
The U.S. central bank is widely expected to hold interest rates steady but leave the door open to another rate hike in November of this year.
Indications that the U.S. central bank is done raising interest rates and may begin cutting them in 2024 could fuel further gains in the price of Bitcoin if investors move back into riskier assets.
Despite a slump in recent months, Bitcoin’s price is up 64% this year, outpacing gains in stocks and other asset classes.
