Bitcoin demonstrated significant growth last week, breaking through intraday resistance levels. Trading took place in the range from $57,787 to $64,965. Ethereum also showed positive dynamics, adding about 6% and reaching $2,756. The key event of the week was the speech of US Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium on Friday, August 23. His comments on possible easing of monetary policy caused a sharp increase in the cryptocurrency market. On Friday, Bitcoin jumped by 6.06% to $64,037, almost recouping the losses from the collapse on August 5.
On Sunday, August 25, Bitcoin (BTC) traded around the $64.1 thousand mark, its price has increased by about 6.8% over the week. Our analyst Konstantinas Sizovas analyzed the market situation and assessed the prospects for the Bitcoin exchange rate movement over the next seven days.
From a technical point of view, the upward trend continues. Buyers have almost completely compensated for the losses after the recent market collapse. However, the current growth is still perceived as a correction to the previous fall, since the cumulative delta remains negative and is not decreasing. In the coming week, investors should pay attention to a number of important economic indicators, including durable goods orders data (August 26), personal consumption expenditure price index, GDP data for the second quarter of 2024, the GDP deflator (August 29), as well as the University of Michigan consumer expectations and sentiment indices (August 30). Of particular importance will be the US GDP data, which should clarify the situation with the expected recession. Fed officials will focus on the September report on the US labor market – Nonfarm. Weak data on it can increase the rate of decline in banking interest, and as a result – the growth of crypto tokens and other “risks”. The report will be released traditionally on the first Friday of the month – September 6.
For Bitcoin, the nearest support zone is the range of $ 61,400 – $ 61,800. From these values, you can consider a set of positions to buy (it is advisable to wait for a reaction from buyers near the specified border – for example, a reversal “pattern 123” in a rebound from the level) with an eye on the level of $ 71,100. For ETH, we note the support zone of $ 2630-2650. The peaks of $ 2900 and $ 3200 act as the target. For a final change in bearish sentiment, buyers need to overcome the levels of $ 68,500 and $ 72,000.
As for the prospects of Toncoin, Pavel Durov will remain in pre-trial detention for at least two months due to the threat of escape. There is no bail or house arrest. The investigating judge needs time to collect evidence, interview witnesses, and conduct searches. This means that TON will remain under pressure for a long time. The current price of TON is $5.37. Sunday’s low is $5.20. For buyers, it would be ideal if the price stays above $4.60. Below are several key levels to which the price could fall: $4.00 and $3.50.
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