Bitcoin closes in on record high
Bitcoin nears its mid-July record high amid September Fed rate cut expectations driven risk-on sentiment.
Bitcoin nears record high
Bitcoin bullish scenario:
On Monday 11 August, Bitcoin revisited its 161.8% Fibonacci extension of the 2019-to-2021 advance, projected higher from the 2022 low, at $122,056.92.
It briefly overcame this technical level and reached $122,318.66 before slipping back below the Fibonacci extension level.
A rise above the $122,318.66 high would likely push the mid-July $123,181.77 record high back to the fore. If overcome, the next higher 161.8% Fibonacci extension at $143,519.00 might also be reached medium-term.
Minor support below the 17 July high at $121,012.09 can be spotted 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 Monday's $119,028.78 intraday low taking place, the 7-to-9 August highs at $117,921.57-to-$117,701.33 are likely to be revisited but may act as support. If not, the 22 July low at $116,195.25 may be reached as well.
Bitcoin charts
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