Bitcoin's $119K support questioned as RSI declines, Fed cut likely.
Bitcoin is consolidating near $119K after retreating from $123K, with critical support levels remaining around $117,300. Technical indicators (RSI and MACD) indicate that selling pressure is diminishing, maintaining the bullish structure.
On the macro level, markets now see a 92% chance of a Fed rate drop in September, increasing risk assets such as Bitcoin. This shift was fueled by strong US PPI data and steady unemployment claims, but impending retail sales and mood surveys may generate even more volatility.
If BTC remains above $117K, goals include $123K and $126K, with a potential for $130K+. However, a drop below $117K might push prices closer to $113K.
Bottom line: If support holds, Bitcoin's trend remains bullish, with Fed policy expectations adding gasoline to a potential breakout.
