Bitcoin Price Short-Term Upswing In Peril As Bulls’ Aggression Dies Down
August 19 2022 - 12:02PM
NEWSBTC
Bitcoin price (BTC) is grappling to maintain the level above
$23,500. BTC trying to crawl above $23,500 on August 18 Bulls’
aggression ebbing Immense selling pressure this week could
invalidate the prevailing bearish price trend The king of crypto
tries to keep the uptrend consistent which has peaked for over two
months. Related Reading: Axie Infinity Drops 4.7% In Last 24 Hours
As AXS Struggles In The Red Zone Bulls Losing Their Aggression?
Judging by the daily chart, it’s apparent that the bulls’
aggression is fading out and will need to exhibit a revolutionary
strength to keep the price at a high level that has been playing
out positively for the past two months. Intensified selling
pressure this week could counter the price trend that is seen to
soar. The price of the pioneering digital asset had a massive level
drop following the July’s meeting of the Federal Reserve that
ruined expectations of a more adaptive monetary policy in 2023.
Chart from TradingView.com On August 17, Bitcoin price has plunged
by roughly over 2% or a trembling drop below the positive trendline
formed from the lows registered on July 15 and July 26;
respectively. The Federal Reserves’ minutes of the meeting that was
released Wednesday showed the discussion by policymakers that
underscore the importance of pushing interest rates up to keep high
borrowing costs at bay. Fed Policy Changes Impact Bitcoin Price
It’s easy to spot how Bitcoin price gets affected with sudden
changes in Fed policy and it has in fact been reduced by half ever
since the Federal Reserves had their meeting regarding the strict
enforcement of monetary policy that began in March. The prevailing
market price which implicated expectations of lowered interest
rates in 2023 and also pushed the Bitcoin price to $25,200, negates
the propensity for the continuous rise in rates and limiting
policies. Crypto analysts maintain that confidence in Bitcoin
despite the weakening of the bulls. According to Michaël van de
Poppe, a reputable crypto analyst, says: “Crucial to break $23.7K
back. If a move to $24K occurs, a flip of $23.7K is trigger for
longs. The trend remains upwards on higher timeframes. Still,
expecting $28-30K in the next weeks.” Today, Bitcoin price is down
by 8.55% or currently trading at $21,523.94, according to
CurrentMarketCap data. Related Reading: Avalanche Grinds To A Halt
As AVAX Breaks 2-Month Uptrend BTC total market cap at $409 billion
on the daily chart | Source: TradingView.com Featured image from
Heather Cullen, Chart from TradingView.com
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