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bitcoin price has fallen by 3% in the last 24 hours bitcoin“>to be traded at $58,382 at 6:50 am EST with a 38% increase in trading volume to $19 billion.
The btc price drop comes as traders await the upcoming Federal Reserve meeting at Jackson Hole. Recent data indicates that inflation is steadily declining toward the Fed’s 2% target, while consumer spending remains strong and layoffs have not increased.
Traders are betting there is a 72% chance the Fed will cut interest rates by 25 basis points before the end of its September meeting, and a 28% chance it will do so by 50 basis points. A week ago, the odds of a deeper cut were 50%.
bitcoin Price Analysis: Bullish Pennant Formation Triggers Potential Bullish Breakout
The btc/USDT pair is displaying a classic technical pattern that has been developing over several months. Price action has been forming a bullish pennant, characterized by consolidation within a downward sloping channel following a significant price surge at the beginning of the year.
The price has recently started to recover at the lower boundary of the pennant, a move that is usually considered bullish and suggests a possible upward continuation.
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<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/08/Bitcoin-Price-Prediction-BTC-Drops-3-as-Traders-Await-Fed.png" alt="bitcoin Price” width=”980″ height=”545″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/08/Bitcoin-Price-Prediction-BTC-Drops-3-as-Traders-Await-Fed.png 980w, https://insidebitcoins.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-19_15-08-50-300×167.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-19_15-08-50-768×427.png 768w” sizes=”(max-width: 980px) 100vw, 980px”/>
BTCUSDT Analysis Source: Tradingview
A double bottom support is also in evidence, reinforcing the strength of this breakout. This double bottom pattern, which is often considered a strong reversal signal, has provided a solid base around the $58,000 level, preventing further declines and contributing to the bullish outlook.
bitcoin has been interacting closely with the 50-day moving average, which has served as resistance during the consolidation within the bullish pennant. A successful break above this level would signal a shift towards a more bullish market sentiment.
Although the 200-day moving average is below the 50-day moving average, bitcoin price hovering around this level indicates strong support. Keeping the price above both moving averages would reinforce the bullish outlook, suggesting that the market is ready to resume its uptrend.
Additionally, the Relative Strength Index (RSI) at the bottom of the chart shows a reading of around 44, indicating that the asset is neither overbought nor oversold, leaving room for further price movement. The RSI trend seems to form a higher low, which often aligns with potential bullish momentum.
The recent surge in volume accompanying the breakout also supports the possibility of a strong bullish move. Traders can try to confirm this breakout and target the $80,000 level as a potential profit-taking zone.
bitcoin Price Prediction
The confirmation of the double bottom support suggests that bitcoin could be on the cusp of a major bullish move. The price target of around $80,000 aligns with the move measured from the pennant, indicating a potential substantial rally in the coming weeks.
Given the supportive volume during the breakout and the current position of the RSI, which shows room for further bullish momentum, bitcoin is likely to attempt to reach this target price.
However, it is important to keep a close eye on key levels; a sustained move above the recent highs of nearly $70,000 would strengthen the bullish case. Conversely, failure to hold the breakout level around $58,000 could signal a possible pullback or further consolidation.
Is This The Best Meme Coin To Buy Right Now?
As the price of bitcoin struggles, some investors are piling funds into the new meme coin crypto All-Stars (STARS), which has surpassed $541,000 in funds raised in its pre-sale.
This bullish move has led analyst and YouTuber Jacob Bury to say that STARS could skyrocket 10x after its launch.
At its core, crypto All-Stars combines the traditional appeal of meme coins with a new twist, incorporating a play-to-earn mechanism and a unique staking protocol known as MemeVault.
MemeVault allows users to earn $STARS tokens by staking popular meme coins such as Pepe, Dogecoin, Shiba Inu, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk.
More meme coins will be introduced in the coming months.
While MemeVault itself has not yet launched, $STARS staking has begun alongside the presale, where investors can earn an impressive 2,843% in annual rewards.
If you are interested in participating, you can purchase the token now for $0.0013911. However, since the price will increase in less than 19 hours, you should act fast to get the best deal.
Buy $STARS from the official website here using BNB, USDT or a bank card.
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