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.
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Source; xStation5
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