Value

Jerome Powell

Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-price-sees-unexpected-volatility" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Sees Unexpected Volatility</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/examining-the-impact-of-exchange-outflows-on-bitcoin-market-dynamics" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) recently saw notable price volatility, dipping to $62,498 on August 1, marking its lowest point in two weeks. This decline is primarily due to diminished expectations for a rate cut in the US and the distribution of 47,000 BTC from the bankrupt Mt. Gox exchange. Investors are now vigilantly watching key support and resistance levels to identify the next significant buying opportunity.</p>
<h2 id="key-support-and-resistance-levels">Key Support and Resistance Levels</h2>
<p style="text-align: justify">Stockmoney Lizards, an analyst, highlighted on August 2 that Bitcoin is approaching a crucial juncture, potentially offering a prime entry point for market participants. According to <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">technical analysis</a>, Bitcoin’s recent price action follows a classic 5-wave uptrend succeeded by an ABC correction, identified as an Elliott Wave pattern on the 4-hour chart.</p>
<p style="text-align: justify">The initial buying level to watch is between $61,880 to $62,300, identified as a critical support zone bolstered by various technical indicators like the 1.618 Fibonacci extension and the 0.5 Fibonacci retracement. A recovery from this range could indicate the continuation of the uptrend on higher time frames. If Bitcoin fails to maintain this support, the next key level is around $56,810, which could present a new buying opportunity.</p>
<h2 id="why-is-bitcoin-dropping">Why is Bitcoin Dropping?</h2>
<p style="text-align: justify">Bitcoin’s current price decline is attributed to several factors. On July 31, the US Federal Open Market Committee (FOMC) maintained the interest rate at 5.25%, aligning with market expectations. Fed Chairman Jerome Powell highlighted robust GDP growth and a commitment to reducing inflation, suggesting a cautious approach to <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> rate cuts.</p>
<p style="text-align: justify">Subsequently, investors increased their investments in US Treasury bonds, with the five-year yield dropping to a six-month low. This trend was further fueled by rising geopolitical tensions and increasing unemployment claims.</p>
<h2 id="what-should-investors-watch-for">What Should Investors Watch For?</h2>
<p style="text-align: justify">Key points for investors to consider include:</p>
<ul>
 <li>Support zone at $61,880 to $62,300 strengthened by technical indicators.</li>
 <li>Potential buying opportunity at $56,810 if initial support fails.</li>
 <li>Major resistance at $66,745, marked by the Point of Control (POC).</li>
 <li>Significant resistance at $69,885, noted as the Value Area High (VAH).</li>
</ul>
<p style="text-align: justify">Monitoring these levels can help investors make informed decisions.</p>
<p style="text-align: justify">In conclusion, Bitcoin’s recent volatility highlights the importance of closely monitoring key technical levels. As investors react to broader economic factors and significant market events, understanding these support and resistance zones can provide crucial insights for future trading strategies.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-price-sees-unexpected-volatility" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Sees Unexpected Volatility</a></h5>

Bitcoin Price Sees Unexpected Volatility

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