Bitcoin (BTC) price It has been a difficult August, but the markets are recovering and BTC is stalling above $63,000. Continuing to close higher could now pave the way for a gradual focus on the $70,000 target. In the last 24 hours, BTC tested $65,000. So what awaits investors?
Bitcoin Monthly Close
The monthly close is approaching and cryptocurrency traders could see a good August close after a few disappointing days. Monthly closes usually bring increased volatility. Daan Crypto Trades doesn’t seem to have much reason to be optimistic as the lack of demand at higher levels makes things even more difficult. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
“Let’s see now if there is fuel to really push higher for a change. Bitcoin “Consolidation has been occurring for close to 6 months at the previous cycle high. This is the longest time it has taken to break the previous all-time high. We have also seen the fastest time price has reached an all-time high in a cycle before the halving. Everything balances out.”
PCE and Fed Interest Rate Decision
PCE data is due on August 30th, and it is the Fed’s indicator for inflation. It is very suitable news for triggering volatility at the end of the month. It is also an important indicator for the technology sector on August 28th. NVIDIA we’ll see the earnings report coming in. The Fed is convinced to cut and if PCE If it comes in at or below expectations, investors aiming for a good start for September may get what they want.
Miners and Short-Term Investments
this week mining difficulty will increase by 2.8 percent. Although the influence of institutional investors on the market weakens the strength of miners, less selling pressure is expected. On the other hand, the fourth important development is the strong selling of short-term investors. The cost of this group is $ 63,600 and we can see the selling weaken when the key threshold is maintained.
Fear and Greed Index
BTC price With the recovery, the fear index, which climbed to 55, is returning to the greed threshold. This means that investors’ risk appetite may continue to increase. We may see this if the data is supportive as we head into September.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
