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BTC Bitcoin struggles below US$80,000, with the weekly 50-day moving average becoming the key resistance
Bitcoin's turmoil below US$80,000 continues and is currently facing the test of the weekly 50-day moving average (MA50). This is a key resistance level that Bitcoin needs to recover. Only by regaining it can BTC continue its impressive breakthrough momentum in August.
Weekly MA50 Testing and Support Analysis
In the latest market developments, well-known analyst Doctor Profit pointed out that Bitcoin had made many attempts around the MA50 in early 2023, and finally achieved a breakthrough. He emphasized that this historical comparison does not mean that every K-line in 2023 needs to be repeated, nor does it mean that the market will definitely experience another round of correction first.
He reiterated that $78,500 had previously been broken as a resistance level, but had not yet been confirmed as an effective support level. In his analytical framework,$71,000 is a critical level and the strong support reference point he currently values most. Doctor Profit said it was still possible for the market to test back the area before returning to higher levels.
According to his view, Bitcoin must successfully recover the weekly MA50 before the US$82,500 -83,000 area forms a major breakthrough area. Once a breakthrough is achieved, it will open the door to a path to $88,000. However, the process of moving towards this goal may take time rather than being completed quickly within the week.
"As a result, anyone expecting an immediate and uninterrupted breakthrough is getting too far ahead of the chart. Expecting that resistance will eventually be broken does not mean expecting every attempt to succeed." Doctor Profit said.
Key events of the week: legislative advancement and the Federal Reserve's decision
New developments in the CLARITY Act
A new version of the CLARITY Act is now on the agenda. U.S. Senate Republicans are in the final stages of courting support from Democrats to reach consensus before a procedural vote. The 635-page bill introduces stricter ethical guidelines that require public officials to sell their major cryptocurrency holdings or place them in blind trusts. In addition, the bill also gives the Justice Department and state attorneys general the power to enforce these rules. In addition, the latest revisions also cover issues such as miners and validators, stablecoin risks, and conflicts of interest in the crypto market.
Analysts expect the bill to be signed into law by Donald Trump before the end of the year and believe that the pace towards establishing a viable regulatory framework is a positive factor for Bitcoin.
Federal Reserve's interest rate decision
After the Federal Open Market Committee (FOMC) meeting from September 15 to 16, the Federal Reserve will announce its interest rate decision on September 16, which is also an important part of many economic events this week. Current market pricing shows that the probability of raising interest rates by 25 basis points is 85.5%, the probability of keeping interest rates unchanged is 14.5%, and the probability of cutting interest rates is almost zero.
For Bitcoin, Doctor Profit's personal view is that the Fed should keep interest rates unchanged rather than adjust them.
