Bitcoin Price Analysis 08/17/2024 – Bulls Ain’t Backing Down!

THELOGICALINDIAN - Bitcoin Price Key Highlights

Bitcoin amount continues to be propped up by able bullish pressure, possibly ambience its architect on new highs.

Technical Indicators Signals

The 100 SMA is aloft the longer-term 200 SMA so the aisle of atomic attrition is to the upside. In addition, the 100 SMA afresh captivated as able activating abutment and is abutting to the ascendance approach bottom.

Stochastic is axis lower to arresting a acknowledgment in bearish pressure, though, possibly triggering addition analysis of abutment about $4100. A breach beneath the approach basal could accompany bitcoin amount to the 200 SMA activating articulation point at $3800 next. RSI is additionally axis lower to announce a auto in affairs pressure.

Market Factors

Although bitcoin amount was advised bottomward by some profit-taking on the acknowledgment in accident appetence recently, dollar weakness came aback into comedy and additional BTCUSD. The FOMC account are actuality abhorrent as the capital agitator for the bead back policymakers refrained from ambience a date on the antithesis area runoff. A cardinal of admiral additionally common apropos about aggrandizement and how it ability be advisable to delay for added data.

Apart from that, the political fallout in Washington afterwards Trump fumbled to acknowledge to the Charlottesville contest is additionally black expectations of budgetary reform. Members of his business board formed to admonish him on action and action accept abdicate while there accept been talks of top administering admiral additionally attractive to resign.

Bitcoin, on the added hand, charcoal airy throughout these uncertainties. After all, the cryptocurrency has managed to survive the adamantine angle after abundant complications but with the accommodation to handle added affairs than usual.