Bitcoin: losing strength
The focus of the market continues to be on the US inflation data and Fed's next move when interest rates are in question, in which sense, some repositioning is taking place. During the previous week the crypto market was left behind investors' focus as PCE data together with personal income and personal spending was set for a release. As data is showing that consumer spending is modestly surging, it signals another good quarter for corporate earnings. In this sense, equities were the ones that were driving the market sentiment, while riskier assets like BTC were left for some other week in the future.
BTC started the previous week with a negative sentiment. The price dropped from the level of 64.5K down to 58K on Thursday, however, returned swiftly to higher levels, ending the week around the level of 59K. The RSI dropped below the 50 line, from 57 down to 45. This is an indication that the market is slowly starting to move toward the oversold market side. Moving averages of 50 and 200 days continued as two parallel lines.
BTC continues to be on a tricky path. Charts are pointing on a potential for a short term reversal to the upside. There should not be expected some significant move, probably up to the level of 63K which is a short term resistance line. On the opposite side, there is also some modest potential for lower grounds, however, not before the 60K current resistance line is clearly tested, and the potential for the higher grounds.
BTC started the previous week with a negative sentiment. The price dropped from the level of 64.5K down to 58K on Thursday, however, returned swiftly to higher levels, ending the week around the level of 59K. The RSI dropped below the 50 line, from 57 down to 45. This is an indication that the market is slowly starting to move toward the oversold market side. Moving averages of 50 and 200 days continued as two parallel lines.
BTC continues to be on a tricky path. Charts are pointing on a potential for a short term reversal to the upside. There should not be expected some significant move, probably up to the level of 63K which is a short term resistance line. On the opposite side, there is also some modest potential for lower grounds, however, not before the 60K current resistance line is clearly tested, and the potential for the higher grounds.
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