Bitcoin Faces Lower Highs as Powell’s Dovish Remarks Reshape Market Dynamics

Bitcoin has returned to pre-Powell levels, indicating ongoing bearish pressure in the market.

Key Insights:

• Bitcoin has fallen back to levels last seen prior to Jerome Powell’s remarks, which hinted at a possible rate cut next month.
• Current support for BTC is around $110,756 with further support at the 200-day moving average near $100,887.
• Ether has formed a doji candle, suggesting potential indecisiveness at high prices.

Bitcoin Analysis

Bitcoin has retraced to approximately $112,000, down from a high of about $117,440. A technical analysis reveals a lower high which indicates a continuation of bearish trends. The Guppy Multiple Moving Average suggests a bearish momentum shift, while the MACD histogram points to increasing downward pressure.

Ether Analysis

Ether has printed a doji candle with significant upper wicks, reflecting market indecision. Currently priced around $4,624, support is expected at $4,065.

Conclusion

While Bitcoin aims for recovery above $117,440, the current indicators suggest a bearish outlook for both Bitcoin and Ether.