BiyaPay Analyst: Fed Harker Does Not Support Rate Cut in September, Bitcoin Breaks Below Uptrend Line, Short-Term Target at $99,000

On August 22nd, Cleveland Fed President Harker stated in an interview that he would not be in favor of a rate cut. He indicated: "The current inflation level remains relatively high and has been on an upward trend over the past year. Based on the information I currently have, there is no justification for lowering interest rates in the short term." Although acknowledging certain concerns in the labor market, the unemployment rate still remains close to the ideal level of full employment. Therefore, maintaining a stance of "moderate tightening" still remains crucial in ensuring that inflation can continue to decline back to the target range. Influenced by this hawkish statement, Bitcoin once again tested the $112,000 level. Bitcoin (BTC) previously broke below the uptrend line since its low point of $75,000 in April of this year, forming a daily chart-level "double top" or 2B top pattern. Analysts at BiyaPay pointed out that if BTC effectively falls below the previous low of $111,920, a technical downtrend may commence with an expected decline of approximately $12,624, potentially retracing to around $99,226. Considering the price differences between different platforms and spot contracts, the probability of a short-term decline to the $99,000 to $100,000 range is increasing. If we calculate based on the maximum retracement of 33.58% in this bull market cycle, the potential retracement low point for BTC is around $82,850. Analysts at BiyaPay remind investors to control risks and grasp the market rhythm. BiyaPay's multi-asset trading wallet will continue to provide you with one-stop services such as global remittance, cryptocurrency trading, and US-HK stock investment, assisting you in strategically positioning yourself in volatile markets and seizing opportunities.