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Arslan Butt
Author
Arslan Butt
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Bitcoin prices took a sharp dip during a volatile session on August 14, dropping 4.75% to around $58,885 after the U.S. Consumer Price Index (CPI) data for July was released.
The inflation data, which showed a rebound as expected, dampened hopes for a significant rate cut from the Federal Reserve, putting pressure on Bitcoin’s price.
Although lower interest rates typically boost riskier assets like Bitcoin, the cryptocurrency experienced a “sell-the-news” scenario as expectations for a 50 basis point rate cut diminished.
Adding to the market’s mixed signals, a recent Twitter space hosted by Donald Trump and Elon Musk—both known for their pro-crypto stance—surprisingly did not mention Bitcoin.
However, Bitcoin’s overall momentum remains supported by favorable political developments, growing institutional interest, and the approval of Bitcoin exchange-traded funds (ETFs).
Additionally, rising stablecoin volumes and ongoing regulatory clarity are helping to bolster investor confidence despite the recent market fluctuations.
Goldman Sachs’ Bitcoin ETF Investments Boost BTC Price
Goldman Sachs revealed in its latest 13F filing that it had invested in seven different spot Bitcoin ETFs.
The largest investment is in BlackRock’s iShares Bitcoin Trust (IBIT), where Goldman Sachs holds about 7 million shares worth $238 million.
They also own 1.5 million shares in Fidelity’s FBTC ETF, valued at around $80 million. This increased institutional interest is evident as BlackRock’s IBIT became one of the top Bitcoin holders after its launch.
Recently, there has been a surge in spot Bitcoin ETF investments, with $39 million in inflows, primarily into BlackRock’s IBIT and Fidelity’s FBTC.
Let’s jump into the technical side of the Bitcoin.
Daily Technical Outlook: Bitcoin (BTC/USD)
Bitcoin has recently dipped below the 50-day Exponential Moving Average (EMA), which was offering key support around the $59,750 level.
The bearish candle formation just below the descending trend line on the 4-hour chart indicates further downside risk.
The immediate support is at $57,700, with the next significant support level at $54,640. If Bitcoin breaks below these supports, the price could fall toward $51,350.
On the upside, immediate resistance is at $59,750, followed by stronger resistance at $61,870 and $64,640. A break above these levels would suggest a potential reversal.
Conclusion: Selling below $57,700 could be a strategic move, with downside targets at $54,640 and $51,350. Conversely, a break above $59,750 could signal a bullish reversal.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
