Bitcoin (BTC / USD) price update:
- Bitcoin (BTC) recovers $ 48,000 ahead of Jackson Hole Symposium and other major risk events
- Speculation remains the main catalyst for short-term pricing, as markets are currently waiting for the Fed to provide me with a clearer timetable for lowering
- US Dollar (USD) weakness may support the demand for large cryptocurrencies and possible changes at the expense of infrastructure
Bitcoin (BTC) after a small setback, prices have regained confidence above $ 48,000, which is at the level of the main psychological level of $ 50,000, which continues to resist the imminent move.
Together USA Jackson Hole Symposium on the horizon, the virtual summit should start tomorrow and end on Friday. If inflationary pressures are rising, the Federal Reserve’s temporary gold nerve from last week’s FOMC the minutes of the meetings have gone crazy again as the number of Covid-19 cases continues to rise due to the proliferation of the Delta variant.
This sequence of events and waiting rhetoric has yielded Bitcoin (BTC), Ethereum (ETH) and more recently Cardano (ADA) platform to set new records again as speculation continues provoke feelings.
Bitcoin (BTC / USD) price analysis:
After falling to $ 28,000 at the end of July Bitcoin prices improved dramatically this month, rising back to over $ 50,000 last May.
Unable to break through this critical level of resistance, BTC/USD has fallen temporarily below $ 48,000 and has since stabilized above the new level of support. As prices continue to be monitored for eight periods Exponential moving average (EMA), the Commodity Channel Index (CCI) is currently at the upper end of the range, suggesting that the upward trend may persist, at least for the time being.
The chart was compiled by Tammy Da Costa TradingView
The Jackson Hole Symposium is now at the forefront of this week high risk of events, larger cryptocurrencies may continue to rise volatility as investors expect further clarifications from the Federal Reserve over the next two days.
Bitcoin (BTC / USD) key levels
By now, a break of less than $ 47,000 can be seen that Bitcoin prices are testing the next level of support at $ 42,293, which is a 38.2% Fibonacci retracement in April-June 2021.
Conversely, as long as pricing remains above $ 48,000, a re-inspection of $ 50,000 and a potential test are higher, however, depending on the outcome of the high-risk event being played.
– Written by Tammy Da Costa, analyst at DailyFX.com
Get in touch with Tammy and follow her on Twitter: @ Tams707