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Analyst: Bitcoin Pulls Back to Pre-Powell Speech Levels, Technical Outlook Favors Bearish Trend
BlockBeats News, August 25, CoinDesk analyst and Chartered Market Technician Omkar Godbole stated that the price of Bitcoin (BTC) has retraced to around $112,000, close to the level before Federal Reserve Chair Powell's dovish comments last Friday, with last week's high reaching $117,440.
The daily chart shows that Bitcoin has formed a "lower high" near the uptrend line extended from the April low, confirming a break of the previous trendline, implying that the bearish trend may continue. The Guppy Multiple Moving Average short-term average is about to cross below the long-term average, also indicating increased bearish momentum.
The key support level for Bitcoin is at $110,756, with further support near the 200-day moving average around $100,000. To restore the bullish outlook, the price needs to return to above last Friday's high of $117,440.
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