Current Market Status
Bitcoin rose above the $30,000 level last Tuesday after Moody’s downgraded the credit rating of up to ten U.S. small and medium-sized banks. Bitcoiners typically see any negative macroeconomic news in the traditional financial market as a positive sign for future crypto adoption. However, following this brief rally, BTC has since declined and has mostly traded around the $29,000 level. Despite this, could there be stronger gains in the coming weeks?
August Outlook
At the time of writing this, bitcoin (BTC) is trading at $29,607.50 as traders once again attempted to climb towards the $30,000 level. These hopes came as an upward crossover of moving averages was on the cusp of occurring for the first time since June 21.
- If the 10-day (red) moving average crosses over its 25-day counterpart, momentum will likely turn bullish.
- The relative strength index (RSI) pushed past a ceiling at 53.00 and looks to be heading towards a higher resistance of 58.00.
- If this happens, there is a good chance that BTC will be trading above $30,200.
Overall, there is potential for stronger gains in the coming weeks if the moving average crossover and RSI trend continue. Keep an eye on these indicators as they could signal a bullish market movement.
Hot Take
The recent rally and potential for further gains in the Bitcoin market show that cryptocurrency continues to be an attractive investment option. As more investors see the potential in crypto and the traditional financial market faces challenges, the adoption and value of Bitcoin are likely to continue rising in the future.
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