The impact of the current conditions of the American economy on the market; How is the price of Bitcoin?

Today, the price of Bitcoin has reached above $21,400 with a slight increase. Meanwhile, it was announced yesterday that the real estate sales rate in the United States decreased by 12.6% in July. Following this issue, traders were optimistic about the Federal Reserve's September interest rate determination. Meanwhile, the value of the dollar has surpassed the euro again.

According to Mihan Blockchain and quoted by CoinDesk, it was announced yesterday that the real estate sales rate in the United States decreased by 12.6% in July compared to the previous month. This case could mean that inflation control in America is continuing without entering the recession period. Following this case, the results of the Federal Reserve's interest rate forecasting tools changed a lot. Currently, the chance of applying a 50-point interest rate in September from the Federal Reserve has reached 58.5%.

Meanwhile, on Monday, these instruments considered the chance of a 75-point increase in the interest rate to be 57%. Yesterday, it was also revealed that Jerome Powell, the head of the US Federal Reserve, will give a speech at the Jackson Hole conference on Friday. This conference is scheduled to be held from August 25 to 27 (September 3 to 5).

Yesterday, the dollar also surpassed the euro for the second time in 2022. This issue showed itself in the US dollar index (DXY) by reaching the high level of 109. This index shows the value of the US currency compared to some of the world's major currencies, including the euro. Since the beginning of 2022 and the interest rate increase by the Federal Reserve, the relationship between this index and the price of Bitcoin has gone inversely.

Bitcoin is currently fluctuating between 2 levels of $21,730 and $20,759 in the 4-hour time frame. A break of any of these levels can determine the short-term trend of the BTC price. The $21,730 resistance level overlaps with the 23.6% Fibonacci retracement level from the price drop from $25,200, which has weighed on this resistance. If this level breaks, $22,800 will be a heavy resistance level for Bitcoin. On the other hand, if BTC fails to break this level, the chances of a stronger price return and breaking the $20,700 support level will increase.

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