The price of Bitcoin remained stable during the weekend and rises to the crucial resistance level of $ 118,000 as numerous bullish catalysts met.
Summary
- Bitcoin prize can go to a new of all time this week.
- It has formed a bullish flag pattern on the daily graph.
- Bitcoin ETF inflow has continued to rise this month.
Bitcoin (BTC) acted on the last check on Sunday around $ 118,500, sharp by the low of $ 112,000 last week. This trend can continue this week and observers expect a new of all time.
Bitcoin price to touch ATH when Bullish Vlag activates
The daily graph shows that the BTC price has formed a bullish flag pattern, which often precedes a strong outbreak. This pattern started his formation on June 22, when it battled to $ 98,320 and peaked at the all time of $ 123,200, giving it a height of almost $ 25,000.
It has formed the flag section, which is characterized by a falling channel. Now there are signs that it breaks out above the top of the flag.
The target in a bullish flag pattern is estimated by adding the height of the flag to the Breakout point, which in this case is $ 117,000. Adding the two gives the price target of $ 142,000.
The other catalyst for Bitcoin price is that it remains above the 100-day exponential advancing average. It also formed a break-and-retest pattern by falling to the support of $ 112,000, which was the previous of all time.
Top indicators also indicate more profit in the short term. The relative strength index has jumped and crossed the neutral point at 50. Other oscillators, such as the MacD and the MFI, have also shown up.
Federal Reserve Cut -Hoop and ETF -Inflow
Bitcoin Price has potential catalysts who can feed its rise this week into a record high. For example, data shows that American investors have continued to collect them. ETF inflow jumped last week with more than $ 246 million, a large reversal of the net outings of the $ 643 million last week.
The rising bitcoin question, including from Treasury companies, took place as an offer on exchanges in years to the lowest level has fallen, which is Bullish.
In the meantime, the chance that the Federal Reserve will start reducing interest rates in the September meeting has increased. These opportunities rose after the US who had released weak non -Farm Payrolls data Earlier this month.
The probability is likely to rise if the US publishes a weaker than expected consumer price index data on Tuesday. Economists expect the data to prove that the CPI headline increased to 2.8% as the impact of rates began to show in July.
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