đ Bitcoin Bull Run? Key Resistance Levels and Market Confidence Explained
- đ Bitcoin Gains: BTC gained 4% between Aug. 21-22, maintaining the $60,000 support. Analysts suggest breaking above $62,000 resistance is crucial for a bullish trend.
- đč Strong Fundamentals: Bitcoinâs fundamentals and spot ETF flows are solid. Analyst Decode believes BTC must break above the 200-day moving average to resume its bull trend, but momentum has slowed for now. However, optimism remains for Q4.
- đ” Fed's Impact: Investors expect the Federal Open Market Committee (FOMC) to cut interest rates on Sept. 18, with potential rate cuts likely favorable for Bitcoin. A 0.50% cut would signal the end of severe monetary tightening.
- đ BTC vs. Traditional Markets: Despite Bitcoin being 16% below its historical high, gold and S&P 500 are near all-time highs. Bitcoin struggles to establish itself as an uncorrelated asset. Yet, spot Bitcoin ETFs are seeing growing interest, with $226 million in net inflows by Aug. 21.
- đïž Regulatory Outlook: The US presidential election could benefit Bitcoin, with candidates likely to support the digital finance industry. Positive employment and inflation data might lead to less stringent monetary policy, potentially boosting Bitcoinâs chances of breaking $62,000 by year-end.
â ïž Note: This information is for general purposes and not investment advice.
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