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BiyaPay Analyst: Fed Harker Does Not Support Rate Cut in September, Bitcoin Breaks Below Uptrend Line, Short-Term Target at $99,000
BlockBeats News, August 22nd, Cleveland Fed President Harker stated in an interview that he would not support a rate cut. He pointed out: "The current inflation level is still too high and has been trending upward over the past year. From the information I currently have, there is no reason to lower interest rates in the short term." While acknowledging some concerns in the labor market, the unemployment rate remains close to the ideal level of full employment. Therefore, maintaining a stance of "modest tightening" is still crucial to ensure inflation can continue to fall back to the target range.
Impacted by this hawkish statement, Bitcoin once again tested the $112,000 level. Bitcoin (BTC) previously broke below the uptrend line since its low point of $75,000 in April this year, forming a daily chart-level "double top" or 2B top pattern. BiyaPay analysts pointed out that if BTC effectively falls below the previous low of $111,920, a technical downtrend may initiate with an expected decline of about $12,624, potentially retracing to around $99,226. Considering the price difference between different platforms and spot contracts, the probability of a short-term decline to the $99,000 to $100,000 range is increasing.
If we calculate based on the maximum retracement of 33.58% in this bull market cycle, the potential retracement low point for BTC is around $82,850. BiyaPay analysts remind investors to control risks and grasp the market pace.
BiyaPay's multi-asset trading wallet will continue to provide you with one-stop services such as global remittance, cryptocurrency trading, and US-HK stock investment, helping you strategically position yourself in volatile markets and seize opportunities.
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