key takeaways:
-
Bitcoin targets $ 122,000, where liquidation is earned by $ 2 billion, but the Q3 indicates seasonal data to the negative side.
-
A falling RSI, spot BTC ETF outflow, and low trading volumes indicate rapid speed.
-
FOMC minutes and positive news triggers a Rali on Wednesday.
Bitcoin (BTC) drowned below $ 117,000 on Tuesday, widely seen internal liquidity built between $ 117,000 and $ 119,000 a week. This liquidity absorption, often a foretar for directional moves, was as a prolonged $ 100 million. Despite the dip, the 100-day exponential moving average (EMA) on a four-hour chart offers dynamic support, limiting negative risk in short term.
With a minimum purchase-side liquidity appearing up to $ 114,500, the least resistance now remains more. The next major area of interest is between $ 120,000- $ 122,000, an area of liquidity towards the sale where stop orders are closed. A daily supply area between $ 121,400 and $ 123,200, representing the previous price resistance, adds this conflict, suggests that BTC tried to install external liquidity for two weeks.
Strengthening this bias, BTC liquidation map data suggests that $ 2 billion in BTC short posts can be reduced to around $ 121,600.
Related: The price of bitcoin increased by 50% when its instability was reduced last time
Can Bitcoin be more than $ 122,000?
While the short -term market structure underlines a rapid recovery, the rim setup for a long time indicates that the BTC rapid speed may be fading. A dobe top formation may emerge near its all -time high, reflecting the fatigue of the buyer. $ 123,200 The failure to break the cleaning over the daily area area will validate the pattern of this recession, stopping the price search.
Onchain data supports this caution. The daily relative power index of bitcoin has increased to 51.7 from 74.4, indicating tiredness on the spot market, while the daily volume fell to $ 8.6 billion, both signs of both extinct partnership. Spot BTC Exchange-Treed Fund (ETF) flow also declined by 80% week-by-week, which rose from $ 2.5 billion to $ 496 million, indicating to increase institutional hunger.
While the futures open interest is increased by $ 45.6 billion, increasing funding in prolonged funding suggests growing overconfance. Additionally, 96.9% of the support remains in profit, indicating high capacity to take advantage.
August historical returns strengthen this station. The announcement of 2.56% in the red with a 60% period of August in the Red with the announcement of the upcoming month presents the seasonal headwind. Combined with wearing onchain activity, such as active address fall and transfer version, BTC may be a retrace in the coming weeks.
However, this approach acquisition was rejected on Wednesday. Which house in the US is expected to release a strategic crypto policy report, which means a bitcoin reserve framework and delta-neutral accumulation strategies, which enhances the spot et T. Flow and BTC Treasury Building.
Additionally, this week’s Federal Open Market Committee (FOMC) has all eyes. While no rate is expected to be cut, such an external business is priced largely, given the consecutive neutral tone of July, any davish commentary from Fed Chair Zerome Powell can transfer condensation. If Powell indicates a potential rate cut in September, the markets can pursue expectation, driving BTCs to break above $ 123,000 and push to new heights.
Related: Bitcoin analysts say
There are no investment advice or recommendations in this article. Every investment and trading film includes risk, and readers should do their research while taking decisions.
