Bitcoin price gains thanks to the test of major support
The price of Bitcoin retains a bearish bias, mainly due to its strong correlation to American indices and in particular the Nasdaq 100. Indeed, the strong rebound observed during the summer on the traditional markets, following Jerome Powell’s speech on political monetary, allowed the price of cryptocurrencies to follow the trend and Bitcoin to reach the resistance located at 25,000 dollars.
More recently, comments from the Chairman of the US Federal Reserve at the Jackson Hole symposium on Friday led to a major bearish comeback in the markets, and the price of Bitcoin also followed suit.
During the next few sessions, investors could remain hesitant, allowing a technical rebound on the psychological threshold, but the underlying downtrend is likely to resume quickly. To this end, we will be attentive to economic statistics in the United States and in particular concerning employment, as well as to the comments of the various members of the Fed scheduled for this week.
4 hour chart of Bitcoin price – key levels