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August 2022 Maybe a Bullish Month for Bitcoin

Bitcoin


Bitcoin reacted extremely positively as the FED rates rolled out and each time, the asset underwent a significant upswing beyond $23,000. However, the star crypto couldn’t manage to retest the monthly highs above $24,000. As the asset is experiencing a significant pullback at the moment. 

Despite the fresh decline in prices, the BTC price is still believed to undergo a significant uptrend in the next 30 to 45 days. Will the upswing escalate Bitcoin price beyond $25,000 or remained restricted below these levels?

After the recent price jump, the BTC prices are expected to close the monthly trade on a bullish note, somewhere above $23,400. Moreover, a couple of indicators do point out at a notable upswing may be sustained throughout August may enable the price to surge beyond $25,000.

100bps Rise was Avoided

It was speculated that FED may raise the interest rates by 100bps to curb the rising inflation. This would have resulted in an extreme bearish move for the stock and the crypto markets

Dovish Tone not Used

Dovish tone refers to the aggressive tone used to describe the current situation. However, the FED in the recent announcement did not appear to be dovish.

FED is Taking August off

The next FOMC meeting is 55 days away, somewhere in September 2022. And as no meetings are scheduled in August, a minor rally can be expected

BTC Breaking the Resistance

Bitcoin price in recent times has been attempting to break the crucial resistance at $22,400 comfortably. As the asset is now primed to test the upper resistance, BTC appears to be following a bullish track

Collectively, Bitcoin’s (BTC) price is displaying an extreme bullish picture for the upcoming month as fewer barriers may hinder the rally. In such a scenario, it would be interesting to watch whether the upcoming price action may rise the price beyond $25,000 or remain consolidated below these levels.

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