đšđš $BTC Fakeout and Upcoming Retracement Moves đ„đš
As we mentioned in our last analysis, Bitcoin has been following the expected fakeout pattern on the daily timeframe, and so far, we see it playing out as anticipated. While some attribute the recent upward movement to the CPI data, the truth is that $BTC has simply made a liquidity grab. We can expect another downtrend soon, likely pushing Bitcoin down to the $46,400 - $47,800 range. đ
Whatâs Fueling the Bullish Sentiment? đš
The upcoming Fed meeting on 18 September is the reason behind the current bullish sentiment, as a 25-50 bps rate cut is expected. However, as you know, the market often moves in the opposite direction to trap liquidityâotherwise, how would exchanges and whales profit?
If the Fed announces a 50 bps rate cut, we could see a temporary spike, possibly pushing $BTC to $67K. However, this would likely be a wick before the market resumes its true direction.
Whatâs Next for Bitcoin? đźđ
Given the recent fakeout, we are expecting a retracement from $61K back to the $57K region, especially with the upcoming Fed news. While this might give Bitcoin a short-term boost, we remind you again that Bitcoin must retrace to $46K - $47.8K eventually. Stay tuned for updates at every level, as we continue to monitor the market closely!
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