Bitcoin: waits Fed move?The crypto market was holding relatively calm during the previous week. Weaker than expected non-farm payrolls data this time did not have a significant impact on the price of BTC, indicating that investors are currently more focused on positioning for the expected Fed rate cut at the FOMC meeting in September. The focus of this week was on equities and gold, while it seems that the major moves on the crypto market are left for the week(s) prior or after the FOMC meeting.
The price of BTC started the week around $107,8K, and moved a bit higher, testing the $112K level. However, the end of the week brought another push back, where BTC is closing weekly trading around $110K. The RSI continues to move below the 50 level, indicating that the market is still eyeing the oversold market side. The MA50 started its convergence toward the MA200. There is still a relatively higher distance between two lines, in which sense, the potential cross is still not in the store.
Current charts are showing the potential for further weakening of BTC in the week ahead. There is potential that the support line at $108K could be shortly tested for one more time. At this moment, there is no indication that the price could go lower from this level. This might be the final reversal point where the BTC might start its move again to the higher grounds, where the $112K could be tested for one more time. Such a move could trigger demand, and again return BTC toward higher levels from the current ones.
