Key Insights:
- On Tuesday, BTC joined the broader crypto market in the green, gaining 0.81% to end the day at $30,714.
- It was a quiet Tuesday session, with easing Fed Fear and ETF-related news providing support.
- The technical indicators turned bullish, signaling a run at $32,000.
On Tuesday, bitcoin (BTC) rose by 0.81%. Following a 0.59% gain on Monday, BTC ended the day at $30,714. However, BTC fell short of the $31,000 handle for the fourth time in five sessions.
Bitcoin (BTC) Price Action
This morning, BTC was down 0.36% to $30,602. A mixed start to the day saw BTC rise to an early high of $30,722 before falling into the red.
Daily Chart
The Daily Chart showed BTC/USD test resistance at the lower level of the $30,750 – $31,250 resistance band for the second consecutive day before falling back.
However, BTC/USD remained above the 50-day ($29,051) and 200-day ($26,432) EMAs, signaling bullish momentum over the near and long term.
Notably, the 50-day EMA continued to pull away from the 200-day EMA and reflected bullish momentum.
Bitcoin Price Forecast
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See all Bitcoin forecastsLooking at the 14-Daily RSI, the 59.60 reading signaled a bullish outlook and aligned with the 50-day and 200-day EMAs, supporting a run at the $30,750 – $31,250 resistance band.
4-Hourly Chart
Looking at the 4-Hourly Chart, the BTC/USD faces strong resistance at the $31,000 psychological level. BTC/USD sits above the 50-day ($30,483) and 200-day ($29,458) EMAs, sending bullish near and longer-term signals.
Significantly, the 50-day EMA pulled away from the 200-day EMA, signaling a move through the lower level of the $30,750 – $31,250 resistance band to target $31,250.
However, a fall through the 50-day EMA ($30,483) would bring the 200-day EMA ($29,458) into view.
The 14-4H RSI reading of 52.78 indicates a moderately bullish stance and aligns with the 50-day EMA, with buying pressure outweighing selling pressure. Significantly, the RSI signals near-term bullish momentum and a breakout from the lower level of the $30,750 – $31,250 resistance band to target $31,250.
Easing Fed Fear and ETF News Delivered Support
It was a quiet Tuesday session, with no economic indicators or FOMC member speeches to consider. The lack of US economic indicators left Fed chatter from Monday to resonate.
ETF-related news provided further price support. On Tuesday, the Cboe refiled applications for five Bitcoin-ETFs, raising hopes of a surge in crypto adoption.
The Day Ahead
It is a busier Wednesday session. The all-important US CPI Report will be in focus this afternoon. Stickier inflation would fuel bets on a more hawkish September Fed interest rate hike and push back the timing of a first interest rate cut to 2024.
However, a cooler-than-expected headline figure should support a bullish session, with investors hoping for a nearer-term end to the Fed monetary policy tightening cycle.
Beyond the US economic calendar, investors should track ETF chatter, with Binance and SEC v Ripple-related news likely to also be focal points.
