💵 💴 💶Bitcoin Price Declines Ahead of Fed Speech💵 💴 💶

Bitcoin’s price has fallen ahead of Fed Chairman Jerome Powell’s speech at the Jackson Hole symposium. The event is expected to provide insights into the potential size of a Fed rate cut in September and the current state of the U.S. economy.
Over the past 24 hours, Bitcoin’s price has dropped by 3%, bringing it to approximately $58,500. This decline occurred despite gains in the stock markets. QCP Capital noted that Bitcoin futures funding rates have turned negative, indicating a pronounced bearish trend in the crypto market.

GLOBAL MARKETS

Asian markets have reached a one-month high, mirroring the gains seen in Wall Street, buoyed by expectations that the Federal Reserve may signal a potential rate cut soon. With a lack of significant economic data releases this week, attention has shifted to the Fed’s upcoming minutes from the July policy meeting and Chairman Jerome Powell’s speech at Jackson Hole on Friday. Expectations of a rate cut have pushed gold prices to a record high of over $2,500 per ounce, while the dollar index has fallen to 101.76, its lowest level in over seven months.

Oil Prices Drop Again

Oil prices have fallen for the fourth time in the last five trading sessions, driven by ongoing conflict between Israel and Hamas and efforts led by the U.S. to broker a ceasefire. Brent crude has dipped below $80 per barrel, while West Texas Intermediate is around $76. Recent adverse weather and signs of slowing growth in China, the largest oil importer, have compounded the drop. Additionally, China’s efforts to reduce carbon emissions in the transport sector have reduced some fuel demand. Meanwhile, Israel and Hamas have accused each other of obstructing a ceasefire and the release of hostages. A senior U.S. diplomat has traveled to Tel Aviv to facilitate an agreement.

Technical Overview

DXY

The DXY has lost its support at the current declining channel level and has fallen to the anticipated support level of 102.26. It has converted the lost channel support into resistance, continuing its downtrend. The next support level to watch is 100.68.

Resistance: 102.26 / 103.23 / 104.02
Support: 100.68 / 100 / 98.50

BTC/USD

Bitcoin continues to show signs of recovery. The pair is trading above the channel resistance at $60,900. The key support level to watch is $59,900. A break below this level could lead to further declines, while sustained trading above the channel resistance could push the price up to $62,400 and $64,300.

Resistance: 62,000 / 64,000 / 66,000
Support: 60,000 / 56,600 / 52,500

ETH/USD

Ethereum has broken its rising channel structure, continuing its potential selling pressure. Currently, it is approaching the major horizontal support level. If Ethereum can maintain above $2,565 and turn this resistance into support, the price could rise further.

Resistance: 3,364 / 4,078 / 4,340
Support: 2,565 / 2,565 / 2,200

NASDAQ

The NASDAQ100 Index has regained its lost rising channel and is now trading at 19,500. Volume trends indicate increased inflows into the index. The support level to monitor is 18,913.

Resistance: 19,445 / 20,000 / 20,985
Support: 18,913 / 18,500 / 18,164

BRENT

Brent Crude Oil is continuing its medium-term correction. The support level to watch is $76.98, where buying interest may emerge. The short-term declining channel has formed, and a move from this level could lead to a rebound. If Brent can regain the resistance level at $82.15 with significant volume, it may rise to the upper channel band resistance at $84.50.

Resistance: 79.84 / 82.15 / 84.46
Support: 76.98 / 74.45 / 72.37

EURUSD

XAU/USD has broken its rising channel structure and is trading above the new all-time high of $2,500. The channel resistance has turned into support, and the price may target the $2,531 resistance level. The support level to monitor is $2,477.

Resistance: 2,530 / 2,570 / 2,600
Support: 2,488 / 2,477 / 2,450

XAUUSD

Gold has broken its rising channel structure and is trading above the new all-time high (ATH) level of 2,500. The channel resistance has now turned into support, and gold is likely to aim for the 2,531 resistance level unless it reverts to trading within the channel. The key support level to monitor is 2,477.

Resistance: 2,530 / 2,570 / 2,600 
Support: 2,488 / 2,477 / 2,450

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