Bitcoin Price Prediction: Will $119K Support Hold as RSI Dips and Fed Cut Odds Hit 92%?
Main Idea
Bitcoin's price is currently testing key support levels around $119K, with technical indicators suggesting potential for a rebound or further decline, while macroeconomic factors like Fed rate cuts and upcoming economic data add uncertainty.
Key Points
1. Bitcoin is trading at $119,040, with the 50-SMA at $118,753 acting as dynamic support and the 0.236 Fibonacci retracement level at $117,335 serving as a structural floor.
2. The RSI has bounced from the mid-40s, indicating easing selling pressure, while the MACD histogram is flattening, hinting at reduced bearish momentum.
3. Traders are pricing a 92.6% probability of a Fed rate cut to 4.00–4.25% in September, following stronger-than-expected U.S. PPI data and steady jobless claims.
4. A break above $126K could accelerate Bitcoin's move toward $130K, while a close below $117,300 may expose the $113,650 invalidation level (100-SMA).
5. Bitcoin Hyper ($HYPER), a Bitcoin-native Layer 2 project powered by Solana, has raised over $9.6 million in its presale, offering tokens at $0.012725.
Description
Bitcoin is trading at $119,040, staging a modest rebound after slipping from the $123,236 resistance earlier this week. On the 4-hour chart, price remains within a broad ascending channel that has guided its uptrend since early August. The 50-SMA at $118,753 is acting as dynamic support, repeatedly halting intraday pullbacks, while the 0.236 Fibonacci retracement level at $117,335 has so far held as a structural floor. The RSI has bounced from the mid-40s, signaling that selling pressure is easi...
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