Bitcoin (BTC), the price of bitcoin, is struggling to keep it above $23,500
- BTC attempting to climb above $23,500 August 18
- Bulls’ aggression ebbing
- The prevailing bearish price trend could be invalidated by intense selling pressure this week
This crypto-king tries to preserve the current uptrend that peaked over two months ago.
Bulls losing their aggression?
Judging by the daily chart, it’s apparent that the bulls’ aggression is fading out and will need to exhibit a revolutionary strength to keep the price at a high level that has been playing out positively for the past two months.
This week’s intensified selling could reverse the rising price trend. The price of the pioneering digital asset had a massive level drop following the July’s meeting of the Federal Reserve that ruined expectations of a more adaptive monetary policy in 2023.
Bitcoin’s price plunged to a little over 2% by August 17th, a dramatic drop that is below the positive trendline created from July 15th-27th; respectively.
The Federal Reserves’ minutes of the meeting that was released Wednesday showed the discussion by policymakers that underscore the importance of pushing interest rates up to keep high borrowing costs at bay.
Fed Policy changes have an impact on Bitcoin price
It’s easy to spot how Bitcoin price gets affected with sudden changes in Fed policy and it has in fact been reduced by half ever since the Federal Reserves had their meeting regarding the strict enforcement of monetary policy that began in March.
It was the prevailing market price that led to expectations for lower interest rates in 2023. This also put Bitcoin at $25,000.
The confidence that crypto analysts have in Bitcoin is despite the decline of bulls remains. According to Michaël van de Poppe, a reputable crypto analyst, says: “Crucial to break $23.7K back. For longs, it is possible to trigger a turn of $23.7K if the price moves above $24K. Higher time frames show a trend upwards. Still, expecting $28-30K in the next weeks.”
CurrentMarketCap data shows that Bitcoin prices are down by 8.55% today, and currently trades at $21,523.94.
Source: TradingView.com| Source: TradingView.com Featured Image by Heather Cullen. Chart on TradingView.com