Since hitting a new all-time high in mid-August, Bitcoin has faced a price decline. This article examines current forecasts and important market levels.
Current Market State of Bitcoin
Bitcoin has entered a downtrend after reaching a new all-time high in mid-August, falling below $110,000. Some analysts express concerns about inflation and waning investor confidence, which may negatively affect demand for riskier assets.
Impact of Fed Rate Changes
Analyst Vincent Liu from Chronos Research stated that the expected cut in the Fed's interest rates in September may not lead to a significant rise in Bitcoin's price. He noted that the lowered rate could indicate economic slowdown, which also affects demand. He stated that "ETF inflows and liquidity must significantly increase for Bitcoin to break the $120,000 level."
Critical Support and Resistance Levels
Analyst Rachel Lucas pointed out that the key support for Bitcoin is at $110,000. "As long as Bitcoin maintains this level, it remains a market player. The first resistance is at $113,400, followed by $115,400 and $117,100. Breaking these levels will signal the market's readiness to retest new highs," she added.
Current analytical forecasts indicate uncertainty in the Bitcoin market, related to both economic changes and internal market dynamics. Monitoring key levels will be important for investors in the coming months.
