The recent BTC reversal may stem from investor caution ahead of NVIDIA’s (NVDA) earnings report and Friday’s US Personal Income and Outlays Report.
Key Reports to Influence BTC Price Trends
On Wednesday, August 28, NVIDIA could significantly impact BTC. Strong results could push BTC toward $65,000. However, weak numbers could send BTC lower ahead of the US Personal Income and Outlays Report.
Softer US inflation and personal spending figures may also boost BTC demand on expectations of multiple 2024 Fed rate cuts. However, sticky inflation and rising personal spending could dampen hopes of a September Fed rate cut. Falling bets on a September Fed rate cut may adversely impact BTC demand, possibly pushing BTC down toward $55,000.
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 sat below the 50-day and 200-day EMAs, sending bearish price signals.
A break above the 200-day EMA and the $60,365 resistance level would support a move toward the 50-day EMA. Furthermore, a breakout from the 50-day EMA could bring the $64,000 resistance level into play.
The NVIDIA Earnings Report, sentiment toward the Fed rate path, and BTC-spot ETF market flow trends require consideration.
Conversely, a drop below $55,000 could signal a fall to the $52,884 support level.
With a 44.99 14-Daily RSI reading, BTC could drop below $55,000 before entering oversold territory.
