Bitcoin Price Outlook for August

Aside from past week’s determination supra $30,000, bitcoin has mostly consolidated beneath this level for the bulk of August. Market volatility has eased, seemingly arsenic a effect of little trading volumes owed to the summertime period. Despite this, past shows that bulls thin to instrumentality person to the opening of September.

Current Market Status

Bitcoin roseate supra the $30,000 level past Tuesday, aft Moody’s downgraded the recognition standing of up to 10 U.S. tiny and medium-sized banks.

Bitcoiners typically spot immoderate antagonistic macroeconomic quality to the accepted fiscal market, arsenic a affirmative motion for aboriginal crypto adoption.

However, pursuing this little rally, BTC has since declined, and has mostly traded astir the $29,000 level.

Despite this, could determination beryllium stronger gains successful the coming weeks?

August Outlook

At the clip of penning this, bitcoin (BTC) is trading astatine $29,607.50, arsenic traders erstwhile again attempted to ascent towards the $30,000 level.

These hopes came arsenic an upward crossover of moving averages was connected the cusp of occurring for the archetypal clip since June 21.

Should the 10-day (red) moving mean crossover its 25-day counterpart, momentum volition apt crook bullish.

Looking astatine the chart, the comparative spot scale (RSI) pushed past a ceiling astatine 53.00, and looks to beryllium heading towards a higher absorption of 58.00.

In the lawsuit of this taking place, determination is simply a bully accidental that BTC volition beryllium trading supra $30,200.

Where volition bitcoin extremity the month? Let america cognize your thoughts successful the comments.