The largest of the cryptocurrencies is recording a weak session today, the price of Bitcoin fell below $29,000 and this time the bulls were unable to pull it back above the key support, which has now become resistance. Other cryptocurrencies are also mostly losing ground in Bitcoin's wake.
- The declines accelerated after yesterday's minutes of the Fed's July meeting indicated that bankers, while recognizing the risk of over-tightening policy, may want to test the response of the very strong US economy to further rate hikes;
- Today's macro data from the US showed improvement on the industrial side of the Philadelphia regional index and lower-than-expected unemployment claims. In the absence of significant news, Bitcoin's decline can be linked to the prospect of further monetary tightening in the US - a strong dollar is generally not conducive to the price of BTC.
BITCOIN settled below the SMA100 on the D1 interval, which heralded the vicinity of the price bottom in March, and preceded a rebound in June. However, looking at the somewhat decelerating momentum of the rally, a test of $27,200 where the SMA200 (red line) runs - a key zone for the trend to continue - seems not impossible.
Source; xStation5
Daily Summary: Wall Street Under Pressure After Highest Inflation Reading Since 2023
Daily Summary: Technology Drives Wall Street to Record Highs Despite Tensions in the Persian Gulf
Morning Wrap: US–Iran Peace Talks in the Shadow of Trump’s Ultimatum
Technical analysis: Bitcoin gains and approaches important resistance zone
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.
