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Bitcoin Sees a Potential Weekly High Signal

A daily sell signal in Bitcoin has now turned into a weekly signal and which warns of risk ahead.

BTCUSD – Weekly Chart

BTCUSD – Weekly Chart

The price of BTC has hit resistance at the $120k level, and the red hammer candle last week has potential for a correction of at least 30% if it holds.

Bitcoin saw selling after the recent inflation data from the United States showed a higher print on tariffs. That popped the rate cut hype, and attention now turns to the Federal Reserve.

Fed Chair Jerome Powell has an upcoming speech at the Jackson Hole Economic Policy Symposium on Friday, which analysts are calling a “make-or-break” moment for the central bank.

Money markets are now pricing in an 84% chance of a 25-basis-point rate cut in September, with expectations for two cuts by the end of the year. There could be a big unwind in speculative assets.

Interestingly, BTC has registered a sell signal ahead of that event on Friday.

Despite the sell signal appearing, many analysts remain positive on the token. Brokerage firm Bernstein said on Tuesday that it sees BTC going to $200k. They were also positive on Solana and Ethereum.

“Our highest conviction view remains Bitcoin at $200k this cycle,” adding that Ethereum and Solana”are set to outperform, leading innovation and adoption in decentralized applications”.

“The path to $200k for Bitcoin is also the path to altcoin leadership by ETH and SOL,” they added.

The price of Bitcoin may run out of time this year if the weekly price level sees a correction.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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