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US Economic Calendar
US consumer confidence numbers, out on Tuesday, August 27, could influence the Fed rate path. Economists forecast the CB Consumer Confidence Index to fall from 100.3 in July to 100.1 in August.
A sharp fall in confidence and increasing concerns about the labor market may support bets on a 50-basis point September Fed rate cut to bolster the economy.
Weaker labor market conditions may dampen wage growth and consumer spending, possibly affecting the US economy. Fears of a US recession may impact demand for riskier assets, including BTC.
Investors traditionally invest in less volatile asset classes, including gold, during economic uncertainty. Gold advanced by 0.23% on Monday after rallying 1.11% on Friday.
Investors should remain alert amid possible changes to supply-demand trends. Stay updated with our latest news and analysis to manage exposure to BTC and the broader crypto market.
Technical Analysis
Bitcoin Analysis
BTC remained above the 50-day and 200-day EMAs, affirming bullish price signals.
A break above the $64,000 resistance level would support a move toward $65,000. A return to $65,000 could give the bulls a run at the $69,000 resistance level.
US consumer confidence, sentiment toward the Fed rate path, and BTC-spot ETF market flow trends require consideration.
Conversely, a break below the 50-day EMA could signal a drop to the $60,365 support level. A fall through the $60,365 support level would bring the 200-day EMA into play.
With a 54.95 14-Daily RSI reading, BTC may move to the $69,000 resistance level before entering overbought territory.