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Bitcoins Risk Losing $108k in a Month-End Sale

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Charts Hint At Brewing Bitcoin Rally To New All-time Highs
Charts Hint At Brewing Bitcoin Rally To New All-time Highs

The following are key points.

  • Bitcoin’s price is now approaching $108,000 after a second round of trading at Wall Street.

  • Whales are responsible for the multi-week lows.

  • US inflation data does not provide any comfort to bulls, despite the likelihood of a cut in interest rates.

BitcoinBTCAfter Friday’s Wall Street opening, the consensus was for a decline towards $100,000.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Bulls of Bitcoin pin their hopes on RSI Divergence

The Data of Cointelegraph Markets Pro The following are some examples of how to get started: TradingView BTC/USD dropped by nearly 4% daily, reaching its lowest level in over a year. 

Binance was the biggest global exchange at the time, and the distribution there had suffered from the pressure of the whales. compounding the downside.

CoinGlass At the time this article was written, data showed that 24-hour cryptocurrency liquidations amounted to nearly $540,000,000.

Screenshot of Cryptoliquidations Source: CoinGlass

Market observers identified price in a key reversal zone.

“Good area to keep watching. Right on top of the previous range & consolidation area,” Daan Crypto Trades, a popular trader noted in A post on X.

BTC/USDT one-day perpetual contract chart. Source: Daan Crypto Trades/X

Crypto Caesar was also tracking similar levels, but Bitcoin did not regain $112,000 in support.

Earlier, Cointelegraph reported Bulls must have a threshold of $114,000 to close their trades each week.

Only the low-timeframe Relative Strength Index (RSI( cues) offered light at end of tunnel.

You can also read about the advantages of using noted Popular crypto commentator Javon marks, the four hour chart continues to maintain a positive RSI divergence. This is when RSI has higher lows than the price and it can indicate an upswing in the market.

“$BTC (Bitcoin), still coming off of a confirmed Bullish Divergence can still have a huge reversal back up to $123,000 in the works,” Marks argued.

“This means that despite the current action, we could see a nearly +15% move back near the All Time Highs…”

Bitcoin Price, Markets, Market Analysis
BTC/USD chart for four hours with RSI. Source: Cointelegraph/TradingView

Fed watches nervous after PCE figures

Seasonality and macroeconomics factors both played a part in the weakening of price movement.

Related: BTC bull run over at $111K? 5 things to know in Bitcoin this week

It is September. Bitcoin’s weakest monthMarkets are wary about US inflation rates. 

BTC/USD returns on a monthly basis (screenshot). CoinGlass

Federal Reserve Bank of New York “preferred” Personal Consumption Expenditures Index (PCE Index), the inflation gauge, met the expectations of the day and added to the inflation recovery.

CME Group data shows that the CME Group is still a leading player in this market. FedWatch Tool confirms, markets still saw the Fed cutting interest rates in September — a key tailwind for crypto and risk assets.

Fed Target Rate Probabilities for the September FOMC Meeting Source: CME Group

In response, the trading firm Mosaic Asset cautioned that the situation could still be different based on the data included in the September 17 decision.

“Outlook for rate cuts could be in jeopardy if next week’s payrolls are stronger than expected,” It is a good idea to get a hold of someone else. told X-Followers

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.