BTC enters shock repair time
Last night, Nvidia announced its financial report, and its sales and profits significantly exceeded market expectations. However, surprisingly, this good news failed to promote its stock price, but instead caused the stock price to plummet by 5%. This scene once again confirms the old saying in the stock market: "When the good comes out, the bad comes." As the U.S. stock market declines as a whole, the cryptocurrency market is not immune and is adjusting to follow the general trend.
The current market conditions are in the recovery stage of shock and will take time to gradually adjust. Looking back at yesterday's market trend, the price of Bitcoin saw back and forth between US$58,000 and US$60,000, with bulls and bears engaged in a fierce battle within this range. US$58,000 has become a strong position for the bulls, while US$60,000 is a heavily defended level for the bears. Currently, Bitcoin price is stable around $59,000.
After this round of adjustments, the timetable for Bitcoin to reach the $70,000 mark may be pushed back, and the future upward path may be even more bumpy. The market will smooth out the holding costs of long positions through constant washouts and shocks, building momentum for subsequent increases. Therefore, before Bitcoin fails to reach new highs, investors should be cautious about all kinds of altcoins, including mainstream currencies including Ethereum.
Let’s look at today’s market analysis: From the K-line chart, Bitcoin shows a sideways trend at the 1-hour level, while it shows a downward trend at the 4-hour, 12-hour and daily levels. The upper pressure level during the day is around $62,000, while the lower support level is at $56,000.
Looking forward to the market outlook, the market at the end of August will most likely continue to fluctuate within the range of US$59,000 to US$60,000. In September, with the release of a series of important U.S. economic data, the market may usher in new trends. In particular, the unemployment rate data on the evening of September 6 and the CPI price index data on September 11 will become key factors affecting market trends. If the Federal Reserve cuts interest rates in September and the unemployment rate and CPI data perform well, it is expected to drive the market up; conversely, if the data is poor, it may trigger a market drop.
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