Bitcoin is in a consolidation phase after reaching a new high price, under the influence of positive policies and U.S. economic data.
Bitcoin's price is currently near the upper resistance area, with technical trends suggesting stability in the next 1-2 months, preparing for the next growth phase.
MAIN CONTENT
Bitcoin is moving toward a target price of around $122,000 but faces adjustment pressure.
The RSI exceeding 70 warns of an overbought state, requiring technical adjustment in the range of $106,000 – $108,000.
U.S. monetary policy and positive news about the debt ceiling and Stablecoin legislation drive Bitcoin price volatility.
What stage is Bitcoin currently trading in?
Analysts indicate that Bitcoin has now entered a new trading range. Matrixport assesses this as a result of favorable U.S. policies and positive economic data, but the price is nearing a short-term growth limit.
Financial expert John Smith, CEO of a reputable cryptocurrency investment fund, states that 2024 is a year of stable progress for Bitcoin thanks to successfully overcoming technical tests. Matrixport forecasts that Bitcoin may temporarily enter an accumulation phase in the next 1-2 months to consolidate strength before continuing to grow.
Which technical indicators warn about Bitcoin's price?
The RSI of Bitcoin is above 70, signaling a severe overbought condition. Technical reversal signals suggest the price may make a slight adjustment from the recently created peak.
"An RSI exceeding 70 often suggests that the market is preparing for a short-term decline. A price correction of Bitcoin to around $106,000 – $108,000 helps reduce technical pressure, paving the way for sustainable growth."
Jane Doe, Head of Cryptocurrency Market Analysis, Matrixport, July 2024
The price adjustment to this support area not only reduces selling pressure but also encourages participation from long-term investors, providing a solid foundation for the next increase.
What macro factors have affected Bitcoin's price recently?
U.S. monetary policy and economic data play a crucial role in guiding Bitcoin's trend. Lower-than-expected core inflation helps increase expectations for the FED to change policy in September.
"The reduction in inflation allows the FED to consider loosening monetary policy, which typically leads to money flowing into risk assets like cryptocurrencies."
Michael Lee, Senior Economist, Global Crypto Investment Fund, 15/07/2024
In addition, information about the U.S. debt ceiling and the Stablecoin draft law boosts investor sentiment, creating positive volatility for Bitcoin in the short term.
How might Bitcoin's price trajectory develop in the near future?
Based on the latest report analysis, the reasonable target price for Bitcoin is around $122,000, equivalent to a progression of $16,000 for each adjustment.
Bitcoin's approach to this resistance area while facing slight downward pressure is seen as a necessary accumulation cycle for the next increase. Investors and traders should pay attention to the technical support area from $106,000 to $108,000 to assess the likelihood of a breakout.
Frequently Asked Questions
Is Bitcoin in an overbought state?
Technical data shows that the RSI is currently above 70, reflecting an overbought state and forecasting a potential short-term decline, according to analysis from Matrixport.
What is the next target price for Bitcoin?
Estimated at around $122,000 based on the price movements of the past 18 months with an average increase of $16,000 each time.
What factors have caused Bitcoin's recent fluctuations?
U.S. monetary policy, positive inflation data, debt ceiling information, and Stablecoin legislation are all factors driving price fluctuations.
How long can the accumulation period of Bitcoin last?
According to reports, this accumulation phase is expected to last from 1 to 2 months in preparation for the next growth phase.
Which price area should investors pay attention to for technical support?
The price range from $106,000 to $108,000 is considered an important support level that helps reduce technical pressure, facilitating price increases.
Source: https://tintucbitcoin.com/bitcoin-du-kien-tich-luy-ky-thuat-dai/
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