Bitcoin’s short-term price trend threatened as bulls fade
Bitcoin (BTC) is struggling to hold above $23,500 on August 18 as the flagship digital asset tries to maintain a trend that has been rising for the past two months.
On the daily bar chart, it is clear that the bulls’ strength is waning and they will soon need to demonstrate newfound resilience to sustain a price rally that has been in place for the past two months.
Further selling pressure through this week could either reverse the price trend that has increased or at least put it in an even more precarious position.
Bitcoin Loses Support Trendline Deep Look
The flagship Digital Assets Price suffered an important price support level drop after the minutes of the Federal Reserve’s Meeting in July crushed expectations of a return to a more accommodative monetary policy in the US next year.
On Wednesday, August 17, the top cryptocurrency fell by more than 2%, sending it below a positive trendline created from the lows seen on July 15 and July 26.
The minutes of the Federal Open Market Committee’s Meeting, which were released late Wednesday night, showed that policymakers discussed the necessity of continuing to raise interest rates to maintain borrowing costs at levels that limit economic growth in the United States for sufficient time to tame inflation.
Bitcoin’s price is vulnerable to shifts in Fed policy, and has fallen by half since the Fed began its cycle of monetary policy tightening in March.
Current market prices, which had hinted at expectations of a rate cut in 2023 and lifted Bitcoin to a two-month high of $25,200, belie the drive for continued rate hikes and restrictive policies.
BTC price prediction
According to Crypto Trading analyst, Michaël van de Poppe, Bitcoin’s ‘uptrend remains on higher timeframes.’ Pop pronounced:
“Crucial to break back $23.7,000. If a move to $24,000 happens, a flip to $23.7,000 is the trigger for yearnings. The trend remains upward on higher timeframes. Still expecting $28-30,000 in the next few weeks. “
As things stand, Bitcoin is currently up 0.10% over the past 24 hours, but down 5.03% last week, with a total market worth of $449 billion, according to CoinMarketCap data.
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