According to the latest report from Arcane Research, if Bitcoin holds the $20,700 level, the price will soon be in the $27,000-28,000 range.

According to analysts, a series of increasing local minimums have been forming since July.

The uptrend met resistance at $24,000, after which there was a correction below $23,000.

“If Bitcoin breaks below $20,700, it will mark a lower bottom. This is a bearish signal in the context of technical analysis, ”the experts emphasized.

If Bitcoin stays above the above level, the price will fix another rising local minimum. Arcane Research is confident that this will increase the potential to continue moving towards the $27,000-28,000 range.

The company stressed that a lot depends on the dynamics of the US stock market, with which the bitcoin price is quite closely related. The dynamics of the key ratio also play an important role. fed.

“Rising interest rates increase the cost of capital and therefore cause share prices to fall. Tech stocks are falling the most. As the degree of institutionalization increased, bitcoin became closely associated with traditional financial markets,” the researchers explained.

According to them, if the stock market continues to fall, the downtrend of digital gold will continue.

Previously, ForkLog had reported a possible short-term Bitcoin correction based on data from the AASI on-chain indicator.

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