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Bitcoin currently trades at $58,934.77, up 2.11% in the last 24 hours. With a market cap of $1.16 trillion and a 24-hour trading volume of $25.6 billion, Bitcoin remains the top crypto asset by market cap..
We are closely watching three key events that could impact Bitcoin's price in the coming weeks. After fluctuating between $74,000 and $52,000 over the last seven months, we are eager to see if BTC will break out of this range.
The first key event is the Federal Open Market Committee (FOMC) meeting on September 18. Markets anticipate that Federal Reserve Chairman Jerome Powell may lower interest rates by upto 50 basis points. Such a move could benefit risk assets like Bitcoin, potentially driving prices higher.
Secondly, US employment data set to be released on September 6 will be crucial. A higher unemployment rate could have mixed consequences. While it might increase recession fears, it could also push the Fed towards more aggressive rate cuts, which could be bullish for Bitcoin.
Lastly, the political and regulatory developments in the US could play a crucial role in shaping BTC price. The crypto community is closely monitoring any potential changes in regulatory stance that might affect the market.
On the technicals as seen in our previous report, Bitcoin has been in a bearish trend over the past week. The price recently found support at $57K, which served as a retest of a broken-out mini-bullish flag inside the main bullish flag pattern. However, if this support fails to hold, Bitcoin could drop to $53k where it might find support at the base of the major bullish flag.
The daily MACD indicator remains bearish, with the MACD line below the signal line. However, the RSI also sits at 50.95 which is just above the neutral threshold.
According to a recent tweet from Ali, data from HTX Global shows a recent spike in the Bitcoin Taker Buy/Sell Ratio, suggesting a surge in aggressive buying. This could be a sign of potential upward momentum in the near future.
Santiment data also reveals that traders are bearish on Bitcoin for the first time since mid-July, which paradoxically increases the likelihood of price gains. Dta also shows a drop in whale transactions between March and August 2024, falling from 115.1K to just 60.2K per week.
Despite the current consolidation, analysis show that when Bitcoin breaks out of this pattern, it could potentially reach $100K or higher. This breakout could also trigger a rally in altcoins.
The market remains in a "wait and see" mode as these upcoming events and technicals will be crucial in determining its next major move.
