Bitcoin Gains 3.2% Weekly on Fed Expectations

The weaker-than-expected U.S. employment data boosted risk appetite in the cryptocurrency market. This development weakened investors' expectations that the Fed will raise interest rates in September. The weakening rate hike expectations had a particularly positive impact on Bitcoin. Bitcoin gained 3.2% over the week, showing notable performance. Market participants believe that the weak employment data strengthens the possibility that the Fed may ease its monetary policy. This stands out as a factor supporting demand for riskier assets. This positive sentiment in the cryptocurrency market increased investors' risk appetite and brought optimism about Bitcoin's short-term outlook. However, it should be noted that market volatility may persist. This is not investment advice.

📊 BTC — Piyasa Yorumu

▲ up · 55%

Bitcoin has risen 3.2% over the past week, driven by expectations surrounding the Federal Reserve, indicating a positive market sentiment. On the technical front, the RSI stands at 58, placing it in a neutral-to-bullish zone, while the MACD remains below its signal line but holds a positive value, suggesting that momentum is waning without issuing a bearish signal. The price is trading above both the SMA20 and SMA50, supporting a short-term upward trend. However, the MACD's position below the signal line and the latest flat close hint that the rally may be losing steam. In the near term, a continued upward move is possible, but excessive optimism should be avoided, and the $65,000 resistance level warrants close monitoring.

RSI 14

58.1

MACD

73.97

24h Δ

0.04%

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