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Bitcoin’s short-term price uptrend under threat as the bulls fade

Bitcoin's short-term price uptrend under threat as the bulls fade

Bitcoin (BTC) is struggling to hold above $23,500 on August 18 as the flagship digital asset attempts to maintain an uptrend that has been on the rise over the last two months.

On the daily bar chart, it is evident that the bulls’ strength is waning, and they will soon need to demonstrate newfound resilience in order to maintain a price rise that has been in place for the last two months

Bitcoin 2-month price trend. Source: TradingView

Additional selling pressure throughout this week might either reverse the price trend that has been rising or, at the very least, put it in an even more precarious position.

Bitcoin loses support trend line in-depth look 

The flagship digital assets price saw a key price support level drop after the minutes from the Federal Reserve’s meeting in July shattered expectations of a return to a more accommodative monetary policy in the United States in the next year. 

On Wednesday, August 17, the top cryptocurrency declined by more than 2%, sending it below a positive trendline that was created from the lows seen on July 15 and July 26. 

Bitcoin falls below the trend line. Source: TradingView

The minutes of the Federal Open Market Committee’s meeting, which were released late on Wednesday night, showed that policymakers discussed the necessity of continuing to raise interest rates to maintain borrowing costs at levels that limit economic growth in the United States for a sufficient amount of time to tame inflation.

Bitcoin’s price is susceptible to shifts in Fed policy, and it has decreased by one-half since the Fed began its cycle of tightening monetary policy in March.

Current market pricing, which had suggested expectations of an interest-rate reduction in 2023 and raised Bitcoin to a two-month high of $25,200, contradicts the drive for continuing rate rises and restrictive policies.

BTC price prediction

According to the crypto trading analyst, Michaël van de Poppe, Bitcoin’s ‘trend remains upward on higher timeframes.’ Poppe stated:

“Crucial to break $23.7K back. If a move to $24K occurs, a flip of $23.7K is trigger for longs. The trend remains upwards on higher timeframes. Still expecting $28-30K in the next weeks.”

Bitcoin price target. Source: Michaël van de Poppe

As things stand, Bitcoin is currently up 0.10% in the last 24 hours but down 5.03% in the previous week, with a total market worth of $449 billion, according to CoinMarketCap data.

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