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Bitcoin hits record high

Bitcoin joins the risk-on party, climbing alongside global stocks to a record peak as the near certainty of US interest rate cuts lifts risk appetite and pressures the dollar.

Bitcoin Source: Bloomberg

Written by

Axel Rudolph FSTA

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date:

​​​Bitcoin hits all-time high

​Bitcoin bullish scenario:

​On Wednesday and Thursday morning - 13 and 14 August - Bitcoin rallied above its 161.8% Fibonacci extension of the 2019-to-2021 advance, projected higher from the 2022 low, at $122,056.92.

​It exceeded the Fibonacci extension and hit a record high at $124,277.50 before once again slipping below it.

​A rise above the current all-time high at $124,277.50 may trigger a surge to another 161.8% Fibonacci extension at $143,519 in the medium-term.

​Minor support below the 17 July high at $121,012.09 may be found at the 15 July low at $120,271.13. Further down lies the 28 July high at $119,836.23 which may also act as potential support.

​Bitcoin bearish scenario:

​In case of a bearish reversal and fall through Wednesday's $118,919.91 low taking place, the 7 to 9 August highs at $117,921.57-to-$117,701.33 may be revisited but could then act as support. If not, the 22 July low at $116,195.25 may be touched as well.​​

Bitcoin charts

Bitcoin / US dollar daily candlestick chart Source: TradingView
Bitcoin data chart Source: IG

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