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BTC 
ETH Bitcoin has been trading sideways for a long time, and two analysts have updated their assessments
After the leading cryptocurrency Bitcoin has been trading sideways for a period of time in the range of US$60,000 to US$65,000, the two analysts have shared their latest assessments of Bitcoin.
First of all, Singapore crypto analysis firm QCP Capital pointed out that despite the market downturn, Bitcoin has maintained its range, and the focus has shifted to the Jackson Hole Annual Meeting.
In the latest assessment, QCP analysts said that weak U.S. economic data has eased pressure on the Federal Reserve to raise interest rates, but the direction of the market remains uncertain as high oil prices have exacerbated inflationary pressures. Therefore, analysts believe that the market outlook has not yet pointed out a clear direction.
Bitcoin has not yet exceeded the range since December
QCP Capital pointed out that Bitcoin's recent price movements have not generated any obvious directional momentum. Analysts pointed out that Bitcoin fell about 3% last week, trading around $63,000, failing to hold on to its rally from around $64,000. According to the QCP, the $62,500 -63,000 area constitutes the lower limit of Bitcoin's recent trading range.
Analysts pointed out that despite multiple pressures such as geopolitical risks, high oil prices, global liquidity uncertainty and limited risk appetite in the crypto market, Bitcoin has not yet exceeded this range and continues to maintain the lower edge of the near-term range. The company also evaluated Ethereum, adding that Ethereum was trading around $1,900, indicating low volatility and sluggish bullish sentiment across the crypto market.
Markets Focus on Federal Reserve Data
QCP Capital said that amid continued uncertainty, the market is focusing on key U.S. data that will be released in the coming days. The calendar specifically highlights the following events: "August 19 (minutes of the Federal Reserve's July Federal Open Market Committee meeting), August 26 (July personal consumption expenditure data), August 27-29 (Jackson Hole Annual Meeting) and September 15-16 (Federal Reserve Meeting)."
QCP concluded that the environment for bitcoin and crypto markets is still balanced rather than dynamic, and which direction bitcoin moves from the current trading range will depend on macroeconomic data released in the next few days, Fed decisions and liquidity conditions.
Bitcoin may experience large fluctuations
Secondly, German analyst firm Makrovision Research shared the latest assessment. The analyst firm pointed out that the pressure on Bitcoin is increasing, and prices have fluctuated within a narrow range for several weeks. Accordingly, US$65,500 is the resistance level and US$61,000 -62,000 is the support area.
"Bitcoin has been like this for weeks: $65,500 → sellers intervene;$61,000 -62,000 → buyers defend."
Analysts pointed out that Bitcoin is getting closer to these two price levels and believe that the direction in which prices break out of this narrow range is crucial. If the price breaks through US$65,500 first, it may open a potential move up to US$71,500; while a break below US$61,000 may trigger a new low test. Analysts have recently pointed to a significant decline in volatility, warning that sharp and large fluctuations in either direction are approaching.
