Bitcoin has gone up by 2.5% in the past 24 hours and currently stands at $84,107 as the market has finally taken a breather after the sell-off that took place in the past week.
Although BTC demonstrated its resilience to the selling spree, it has still booked a 3.5% decline in the past 7 days while other assets in the top 5 like Ethereum (ETH) and XRP (XRP) experienced more pronounced declines of 9.6% and 12.2%.
One reason for the broader pullback may be Goldman Sachs’ revised U.S. economic outlook.
The bank raised its recession odds from 20% to 35%, citing Trump’s new tariffs as a key threat to both prices and growth.
Goldman now expects PCE inflation to end the year at 3.5%—well above the Fed’s 2% target.
If that forecast holds, the Fed may walk back one of its two expected rate cuts, which could weigh heavily on risk assets like Bitcoin.
Bitcoin Could Surge to $85,000 as Hourly Chart Shows Trend Reversal
Trading volumes for BTC have gone up by nearly 33% in the past 24 hours as the token bounced off the $81,000 level.
The hourly chart shows that BTC managed to reverse its downtrend after a double-bottom at $81,250. Momentum indicators are currently on an uptrend but the Relative Strength Index (RSI) is already nearing overbought levels.
If the uptrend proves to have legs, the price could pull back to the 61.8% Fibonacci at around $82,500 before resuming its climb. In this case, the next target for BTC in the near term could be set at $85,500.
Storing digital assets safely is a priority for investors who have taken advantage of this recent market downturn to buy BTC and other cryptocurrencies.
Best Wallet (BEST) has emerged as one of the most promising crypto presales of the year as its crypto wallet challenges the dominance of top solutions like MetaMask or Exodus.
Best Wallet (BEST) Raises Raises Over $11M to Help Investors Store Their Digital Assets Safely
Best Wallet (BEST) is a Web 3 crypto storage solution that supports assets in 60 different blockchains and provides access to top-notch investing tools.
Its mobile application is already available for iOS and Android devices and it has received a 4.5 stars rating from early adopters.
Its Upcoming Tokens tool is one of the most attractive features that this project has launched to date, allowing investors to identify promising crypto presales while they are still flying below most investors’ radars.
The developing team plans to use the resources it has raised to further strengthen the Best Wallet ecosystem by launching a decentralized exchange and a debit card once the presale event ends.
To buy $BEST and invest early in this promising ICO, just head to the Best Wallet website and connect your wallet.
You can either swap USDT or ETH for this token and store it in the Best Wallet app for convenience.
The post Will a Recession Crash Bitcoin? Goldman Sachs Issues Grim 35% Warning appeared first on Cryptonews.
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