- Cryptocurrencies continued to experience range-bound, sideways trading on Thursday as investors await Friday’s speech from Fed Chair Jerome Powell to get a better read on the central bank’s plan for interest rates moving forward.
Data provided by TradingView shows that Bitcoin bulls pushed its price to a high of $26,820 late on Wednesday, but struggled to hold onto the gains as bears chipped away throughout the day on Thursday, with BTC trading back near support at $26,000 at the time of writing.“September Bitcoin futures prices [were] higher in early U.S. trading Thursday, after hitting a 4.5-month low on Wednesday,” according to Kitco senior technical analyst Jim Wyckoff.
“The most immediate support is at $23.6K and if this breaks, then a bounce off the golden pocket at the 61.8% Fib level at $21,800 is a structural support dating all the way back to July 2022,” he said. “Below that, barring some crazy macro and crypto event, there’s also $19K as the kind of ‘final line’ in the sand.”