Current trend

Last week, the BTC/USD pair attempted to grow, receiving support from monetary factors, and is currently holding at around 63841.00.

On Wednesday, the minutes of the US Federal Open Market Committee (FOMC) meeting were published, according to which most officials agreed that with further positive inflation data, easing monetary policy at the September meeting would be appropriate. And on Friday, speaking at the Jackson Hole summit, the head of the regulator, Jerome Powell, said that the time had come to adjust the cost of borrowing, since the risks of accelerating inflation had decreased, and the likelihood of a reduction in the employment level had increased. Thus, most participants are counting on a 25 basis point cut in interest rates, but the possibility of a 50 basis point cut is also not excluded. In these conditions, most alternative assets have significantly strengthened their positions against the American currency, in particular, BTC has grown to the 65000.00 mark and is now, having slightly adjusted, trading in the region of 63700.00.

The cryptocurrency market is additionally supported by the high rating of the Republican candidate Donald Trump. According to the Polymarket platform, 51.0% of users now count on his victory in the presidential election, and only 47.0% on the election of Kamala Harris. Recall that Donald Trump previously noted his readiness to make BTC a reserve currency, as well as to remove the chairman of the US Securities and Exchange Commission (SEC) Gary Gensler from work, which will cause the authorities to soften their position on cryptocurrencies.

Support and resistance

Technically, the price has left the descending channel and is now close to the 65625.00 mark (Murrey level [5/8]), consolidation above which will open the possibility of further growth to the targets of 68750.00 (Murrey level [6/8]) and 71875.00 (Murrey level [7/8]). The key for the "bears" is the central line of Bollinger Bands around 60000.00, a breakdown of which will ensure the continuation of the downward dynamics to the marks of 56250.00 (Murrey level [2/8]) and 53125.00 (Murrey level [1/8]).

Technical indicators confirm further growth: Bollinger Bands have reversed upward, MACD has moved into the positive zone, while Stochastic may leave the overbought zone, which does not exclude a corrective decline, but its potential seems limited.

Resistance levels: 65625.00, 68750.00, 71875.00.

Support levels: 60000.00, 56250.00, 53125.00.

Trading tips

Long positions can be opened above 65625.00 with targets at 68750.00, 71875.00 and stop-loss at 63500.00. Implementation period: 5–7 days.

Short positions can be opened below 60000.00 with targets at 56250.00, 53125.00 and stop-loss at 62500.00.