Bitcoin Price Stabilize Above 11,000 Keeping The Bullish Momentum Alive

Bitcoin Cash
Bitcoin Cash

Bitcoin price continues to feel the selling pressure after the recent sharp correction. Bitcoin rally stalled at 12,462 and the correction that started two weeks ago continues despite the risk-on sentiment in the markets, as Nasdaq and S&P 500 hit all-time highs.

Crypto investors are cautious ahead of the main event of the day the speech by Fed chair Jerome Powell in Jackson Hole Symposium. If Powell signals higher inflation target and lower rates, we might see a weak dollar which would be supportive for Bitcoin.

In the institutionalization front, Mutual Fund giant Fidelity filed with the SEC for a new fund dedicated to Bitcoin. Fidelity Digital Assets unit will provide custody services for the new bitcoin fund, and the minimum investment will be $100,000.

Banco Central do Brasil is planning the issuance of a Central Bank Digital Currency (CBDC) and sets up a 12 member research team to search and evaluate the pros and cons of a digital format of Brazil real (BRL) currency.

Bitcoin Price Daily Analysis 

Bitcoin price is 0.78% lower at $11,377, as the health correction from recent highs continues. The bullish outlook is alive above the 50-day moving average. Support for BTCUSD stands at 11,334 the daily low. The low from August 25 at 11,112 would provide the next strong support area. More bids might emerge at 10,916 the low from August 3.

On the flipside, minor resistance for Bitcoin would be met at 11,485 the daily top. If the bulls surpass that hurdle, the next resistance is at 11,783 the high from August 25. More selling pressure for BTCUSD awaits at 12,022 the top from August 19. 

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Bitcoin Price Daily Chart

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