The price of Bitcoin (BTC) fell 8% in the last 24 hours as the US dollar index continued to move above the 110.0 level, affecting the crypto market ahead of the September 20-21 FOMC meeting to answer investors' questions about whether the Federal Reserve (Fed) will raise interest rates by 75 basis points.
According to the forecast of the popular crypto analyst Rekt Capital, the price of BTC can fall below the price level of $13,900 and $11,500 if there is an unexpected scenario.
In the monthly timeframe, the price of BTC is currently showing a risky performance as it struggles to cross the $20,000 level, but the price range of $20,000-$23,350 will determine whether BTC becomes bullish or bearish.
In addition, BTC price movement in September is so weak and maybe the $20,000 price level will be a resistance zone, but if the BTC price is below the $20,000 level at the end of this month, the next support zone is $17,165 and $13,900.
The justification is that the BTC price will depend on the Fed's rate hike this Thursday, including Wall Street experts such as Goldman Sachs predicting a 75 basis point rate hike for September as well as a 50 basis point rate hike in November and December.
Currently, BTC price is trading above the $19,000 level after its 4% recovery from the $18,390 level, but if the U.S. dollar index remains near 110.0, then BTC price will come under pressure.
