Bitcoin News Today: Bulls Wait for Signal as Bitcoin Trapped in Bearish Range

Bitcoin's price continues to face bearish pressure as it trades below the $110,000 level, reflecting ongoing seller dominance in the market. On August 30, the cryptocurrency closed at $108,526, with a total market capitalization of $2.16 trillion and a 24-hour trading volume of $47.69 billion. The asset is currently constrained within a critical price range between $107,400 and $110,500, where technical indicators consistently favor sellers over buyers. A key support level at $107,000 has been identified as a potential floor for short-term stability, while resistance remains at $114,000, which has not been successfully reclaimed in recent trading sessions. A price breakout above $109,500 could potentially shift momentum in favor of bullish investors, but as of now, such a move has not materialized [1].

Technical analysis underscores the bearish control of the market across all observed timeframes—daily, 4-hour, and 1-hour. Sellers are dominating price declines, as evidenced by significant volume spikes during downward movements, while buyers have been unable to support rebounds effectively. The Relative Strength Index (RSI) stands at 38, indicating weakening but not yet oversold conditions. Similarly, the Moving Average Convergence Divergence (MACD) at -1766 and momentum at -5704 highlight a bearish imbalance in the market [2]. Stochastic and Commodity Channel Index (CCI) readings of 18 and -140, respectively, further reinforce the current bearish bias. All short and medium-term moving averages—Exponential Moving Averages (EMAs) and Simple Moving Averages (SMAs) across 10, 20, 30, 50, and 100 periods—remain in a downward trajectory, invalidating any rebound attempts [1].

Despite the short-term bearish trend, some market observers point to subtle signs of potential stabilization. The long-term 200-period EMA and SMA are still sending bullish signals, suggesting structural resilience in the broader market. This is seen as a notable contrast in an otherwise bearish technical environment. A break above $109,500 with strong volume could serve as a catalyst for renewed bullish momentum, with an immediate target near $111,000. These signals remain speculative, however, and have yet to translate into a sustained price recovery [2].

Macroeconomic conditions also play a role in shaping investor sentiment. The core Personal Consumption Expenditures (PCE) index for July reported a 2.9% annual increase, aligning with market expectations and not triggering fears of immediate monetary tightening. In his recent speech at Jackson Hole, Federal Reserve Chair Jerome Powell signaled optimism about future rate cuts, which could benefit risk assets, including cryptocurrencies. While these developments have not yet spurred a price rebound, they remain key factors in the broader investment landscape [1].

Looking ahead, the market is poised at a critical juncture. Investors will closely monitor the $107,000 and $109,500 levels, which are expected to dictate the next phase of Bitcoin’s trajectory. A sustained breakout above these levels could signal a potential reversal, but absent significant volume and momentum, the current bearish bias is expected to persist in the short term [2].

Source:

[1] Bears Dominate Bitcoin Despite Fed Rate Optimism (https://www.cointribune.com/en/bears-dominate-bitcoin-despite-fed-rate-optimism/)

[2] Bears Prevail Over Bitcoin Amid Positive Fed Rate Sentiment (https://intellectia.ai/news/crypto/bears-dominate-bitcoin-despite-fed-rate-optimism)