Time for the big the short, or bulls there to gain more?
Bitcoin created a very important level around 24,000 USD, while at the current price of 24,550 gaining more than 40% from 17,592 that has seen just two months earlier in June. On the upward movement, BTC has not been able to move more strongly and now it is down about 2% from two month high seen above 24,900 on Thursday, August 11.
With the latest bull-run seen after return from 17,592, many analysts believe that the next target will be the 200 weekly moving average at 26,725 and then a key psychological level at 30,000, but BTC showed that going straight forward needs more reason.
From the fundamental point of view, as Bitcoin behaved in recent months, we can say that it is directly dependent on other risky financial assets. Stock markets were so positive about the inflation numbers published last few days in the US and even ignored the FOMC officials' warnings. Officials in the US central banks repeatedly warned that it is still too early to take about decreasing inflation, and we need more evidence, as we saw that Core PCI did not decrease. Some other FED members also said that even if it is decreasing, still 8.5% is so high and needs a more serious reaction to being controlled and fall back to the central bank's target of 2%.
On the other hand, the news that the world's largest asset manager, BlackRock, was launching a Bitcoin private fund, helped the crypto market sentiment. However, this positive sentiment was not enough to create a stronger bullish trend, yet. Same as stock markets, we are waiting for a caution week ahead because investors and traders need more time to digest the published data. Many published economic data had significant inconsistencies with each other.
From the technical point of view, below $22,000 have a bearish retest, but in the bullish trend, we should consider these levels. First of all, we have to be able to hold the 24,000 USD, and above this level, May 12 low at 25.190, then key resistance at 28,170. Above psychological resistance at 30,000 also, we will have 31,445, and then 37,120. But the noteworthy point is that volume above 24,000 US dollars is getting less.
