Bears Prevail Over Bitcoin Amid Positive Fed Rate Sentiment

Current Bitcoin Market Status

• Price Movement: On August 30, Bitcoin fell below $110,000, indicating ongoing selling pressure. The price was recorded at $108,526, with a market capitalization of $2.16 trillion and a trading volume of $47.69 billion over the past 24 hours.
• Technical Indicators: The market is experiencing a pronounced bearish trend, with critical support at $107,000 and resistance at $114,000. A break above $109,500 could signal a potential recovery in momentum.

Market Dynamics

• Selling Pressure: The market is dominated by sellers, as evidenced by significant volume spikes during price declines and a lack of buyer support for rebounds. All observed timeframes (daily, 4-hour, and 1-hour) confirm this bearish control.
• Key Technical Levels: The $107,000 level serves as a crucial support point, while the $114,000 zone remains a resistance that the market struggles to reclaim.

Technical Analysis

• Bearish Indicators: The analysis shows a series of lower lows and lower highs, with the last peak at $124,500 and a recent low at $107,400. Key indicators such as RSI at 38, MACD at -1766, and momentum at -5704 reflect a clear bearish imbalance.
• Moving Averages: All short and medium-term moving averages are trending downwards, further invalidating any potential rebound attempts. The consolidation structure between $107,400 and $110,500 shows weak buying volume.

Potential for Stabilization

• Long-Term Signals: Despite short-term bearishness, long moving averages like the 200-period EMA and SMA are still indicating bullish signals, suggesting potential structural resilience in the long term.
• Macroeconomic Context: The core PCE index for July increased by 2.9%, aligning with expectations and not intensifying fears of monetary tightening. Jerome Powell's recent comments have also contributed to market optimism regarding potential rate cuts by the Federal Reserve.

Conclusion

• Market Outlook: Bitcoin is currently navigating a phase of uncertainty, with short-term indicators favoring sellers. However, deeper signals and macroeconomic factors hint at possible reversal paths in the medium term. Investors are advised to closely monitor the critical levels of $107,000 and $109,500, as these will likely dictate the next market movements.