Republican

Reserve

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-increased-selling-pressure-despite-recent-recovery/" data-wpel-link="internal">Bitcoin Faces Increased Selling Pressure Despite Recent Recovery</a><br></p>
<p style="text-align: justify">Recent fluctuations in the <a href="https://en.coin-turk.com/terra-classic-lunc-fights-the-decline-will-it-reach-the-0-00012-mark/" data-wpel-link="internal">cryptocurrency market</a> are reshaping <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>‘ expectations. Although Bitcoin’s rapid recovery from levels below $50,000 last week has led many analysts to optimism, some experts warn of a potential short-term decline. FxPro’s senior market analyst <strong>Alex Kuptsikevich</strong> states that Bitcoin is more likely to experience a $5,000 drop than a similar increase.</p> 
<h2 style="text-align: justify" id="selling-pressure-increases">Selling Pressure Increases</h2> 
<p style="text-align: justify"><strong>Bitcoin</strong> attempted to rise above the $60,000 level but failed to break this resistance. This indicates that sellers dominate the market.</p> 
<p style="text-align: justify">Kuptsikevich notes that Bitcoin failed to sustain its gains following the “death cross” bear signal, formed by the intersection of the 50 and 200-day simple moving averages (SMA), confirming the dominance of sellers.</p> 
<h2 style="text-align: justify" id="rsi-index-signals-decline">RSI Index Signals Decline</h2> 
<p style="text-align: justify">The 14-day relative strength index (RSI) exited the oversold zone, signaling a loss of momentum. This could indicate a new wave of price decline. The RSI index is a momentum oscillator that measures the speed and change of price movements.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="alignnone wp-image-379383 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/BTCUSD_2024-08-13_15-30-50.png" alt="" width="1814" height="798"></p> 
<p style="text-align: justify">After the decline last Monday, the RSI remained below 30, indicating oversold conditions, which could have paused the downtrend and led to a price recovery. However, Kuptsikevich remains skeptical about the sustainability of this recovery.</p> 
<h2 style="text-align: justify" id="inflation-data-will-be-decisive">Inflation Data Will Be Decisive</h2> 
<p style="text-align: justify">The upcoming release of the US July consumer price index <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> could be decisive for Bitcoin’s short-term price movements. If inflation data exceeds expectations, it could dash hopes for Federal Reserve (<strong>Fed</strong>) rate cuts and trigger a new wave of selling in Bitcoin.</p> 
<p style="text-align: justify">Last week, Bitcoin rose above the $60,000 level but failed to hold these levels, and the recovery process seems to have stalled. Expectations regarding the US elections and the approach to cryptocurrencies are expected to have a significant impact on the market.</p> 
<p style="text-align: justify">The uncertainty in the cryptocurrency market is exacerbated by Republican candidate Donald Trump, known for his supportive statements on cryptocurrencies, trailing behind his opponent Kamala Harris.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-faces-increased-selling-pressure-despite-recent-recovery/" data-wpel-link="internal">Bitcoin Faces Increased Selling Pressure Despite Recent Recovery</a></h5>
<p>The post <a href="https://en.coin-turk.com/bitcoin-faces-increased-selling-pressure-despite-recent-recovery/" data-wpel-link="internal">Bitcoin Faces Increased Selling Pressure Despite Recent Recovery</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Bitcoin Faces Increased Selling Pressure Despite Recent Recovery

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