BTC price increased as Trump announced a bold promise regarding cryptocurrency. It is hard to predict what more Trump can say about cryptocurrencies. Despite making significant announcements, including the Fed holding BTC as a reserve, the leading cryptocurrency isn’t reacting as expected due to a slight dip in his poll numbers.
Bitcoin (BTC)
US jobless claims and GDP data were released. The data, which met expectations, did not fuel recession fears, which is relatively good for crypto. Remembering the days when extremely poor growth figures led to a decline in cryptocurrencies helps us better understand the positivity of today’s data.
According to FedWatch data, markets expect the Fed to cut rates by 25bp in September. Powell also made statements in this direction, and the strong downward revision of employment data influenced this stance. The Fed is now on a rate-cutting path and has kept rates at peak levels for over a year to avoid having to raise them again.
QCP Capital analysts wrote that liquidity would eventually flow into cryptocurrencies with rate cuts, and we could see good days in the last quarter. Material Indicators evaluated liquidity changes and mentioned doubts about whether the rise would continue above $60,000.
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AAPLRekt Capital wrote the following;
“As the week progresses, the retest continues to be successful. Bitcoin has been forming Higher Lows since early July.”
Investors took advantage of the short-selling opportunity after the $65,000 test. However, at some point, a significant rise, as seen in historical data, needs to start, leaving short-sellers out. For now, this is not happening, and when it does, it will be a big surprise for everyone with a major reversal.
Will Bitcoin Rise?
Crypto analyst Jelle remains hopeful and thinks the price could reach $62,000 again. At this level, buyer liquidity weakens, and the $65,000 test failed to continue after being attempted twice. Jelle wrote the following about the current situation;
“The environment remains predatory, meaning your best option is to sit on your hands. Above $62,000 – it could turn into a stronger trend move again.”
If it can achieve this, BTC could make its third attempt at $65,000 this week.
