The search for stability in the market: How did altcoins enter the new week?
We have left behind a week in which global markets showed their strength.
Global markets are showing a strong performance in this process where we are experiencing the last days of summer.
On Friday, Fed Chairman Jerome Powell made important statements at the Jackson Hole symposium.
Powell stated that it is time to change monetary policy and signaled that the Fed may start cutting interest rates in September.
Powell did not give any clues about the size of the interest rate cut in his speech.
Market expectations are that the Fed will cut interest rates by 25 basis points in September.
According to FedWatch data, the probability of the Fed cutting interest rates by 25 basis points is currently over 60 percent.
A 50 basis point cut is still on the table.
The Fed will announce its interest rate decision on September 18, 2024.
Bitcoin is moving within a descending widening wedge
Despite many chaotic developments in recent months, Bitcoin has not closed below $60,000 monthly since February.
Based on monthly closings, the lowest value it has seen in this process is $60,600. A monthly closing below this level has not been seen since February.
If Bitcoin closes August above the $60-60,600 region, we can say that it has survived this terrible summer season in terms of news flow.
Bitcoin made a strong weekly closing days before the monthly closing.
It also closed above the $58-60,000 range, which we call the blue zone, in the weekly time frame.
Bitcoin continues to move within a descending widening wedge. A weekly closing above $70,000 will also mean an upward break of this region.
There is a positive trend, we will experience a period in which the blue zone becomes potential support again.
