Reserve Dollar

Donald Trump

Bitcoin

Reserve

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-heightened-selling-pressure" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Heightened Selling Pressure</a><br></p>
<p style="text-align: justify">Recent fluctuations in the cryptocurrency market have significantly altered <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>‘ expectations. Despite <a href="https://en.bitcoinhaber.net/cryptocurrency-market-experiences-sudden-volatility-with-significant-liquidations" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s swift rebound from below $50,000 last week, optimism among analysts is tempered by warnings of a possible short-term decline. According to FxPro’s senior market analyst Alex Kuptsikevich, Bitcoin is more likely to experience a $5,000 drop than a comparable increase.</p>
<h2 id="why-is-selling-pressure-increasing">Why Is Selling Pressure Increasing?</h2>
<p style="text-align: justify">Bitcoin’s recent attempt to rise above the $60,000 threshold was unsuccessful, reflecting the market’s seller-dominated nature. Kuptsikevich notes that Bitcoin’s failure to maintain gains following the “death cross”—a bearish signal formed by the intersection of the 50 and 200-day simple moving averages—confirms this dominance.</p>
<h2 id="what-does-the-rsi-index-indicate">What Does the RSI Index Indicate?</h2>
<p style="text-align: justify">The 14-day relative strength index (RSI) has exited the oversold zone, suggesting a loss of upward momentum and a potential new wave of price decline. The RSI, a momentum oscillator that gauges the speed and change of price movements, remained below 30 last Monday, indicating oversold conditions that could have temporarily halted the downtrend and led to a minor recovery. Despite this, Kuptsikevich remains cautious about the recovery’s durability.</p>
<h2 id="key-indicators-to-watch">Key Indicators to Watch</h2>
<p style="text-align: justify">• The upcoming US July consumer price index <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> release could be pivotal for Bitcoin’s short-term price movements.<br> • Inflation data surpassing expectations may deter hopes for Federal Reserve rate cuts, triggering more Bitcoin selling.<br> • Bitcoin’s inability to sustain levels above $60,000 indicates possible further price declines.<br> • Political developments, especially the US elections and candidates’ stances on cryptocurrencies, are expected to significantly impact the market.</p>
<p style="text-align: justify">The upcoming release of US July consumer price index data could be critical for Bitcoin’s short-term price dynamics. Should the inflation data exceed forecasts, it could diminish hopes for Federal Reserve rate cuts and initiate another wave of Bitcoin selling. Last week’s rise above the $60,000 level was short-lived, with the recovery now appearing stalled. Market sentiment is also influenced by the US elections, where the stance on cryptocurrencies by candidates like Donald Trump and Kamala Harris could play a significant role.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-faces-heightened-selling-pressure" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Heightened Selling Pressure</a></h5>

Bitcoin Faces Heightened Selling Pressure

Table of Contents

BH NEWS

Other articles published on Aug 13, 2024

Binance is Back With a Bang In India, Website Unblocked

Pi42 Exchange Claims They Are ‘Safer’ Than WazirX: Both Have Same Co-founder

OKX Adds ChainGPT Giveaway to Web3 Giveaway Portal: Meet the World’s Best Crypto Presale

WazirX Nears Completion of Trade Balance Restoration Post-Hack

Ripple’s RLUSD Stablecoin: Will it Face SEC Scrutiny?

Kaspa Second Wind Inflating Profits Following Rollblock’s (RLBK) Lead To Greener Pastures, Shiba ...

Join our free newsletter for daily crypto updates!