Crypto market update ✍️

Good evening to all my friends. I hope you all are doing well. I am having a fantastic day. Let's talk about crypto market.Today I want to share a quick update on the crypto market, especially focusing on Bitcoin’s current price movement. In my last update, I mentioned that Bitcoin could come down to test its 20-week moving average near the $108,000 level. That’s exactly what happened recently. The price dipped, tested that zone, and then showed a small bounce. At one point, the price even touched close to $112,000 before recovering slightly. But the bigger picture is that most of the important moving averages like the 20, 50, and 100 EMA are now sitting above the price, acting as strong resistance. This means Bitcoin still looks weak in the short term, and the probability of retesting $107,000–$108,000 remains high.

Looking ahead, the first week of September could remain choppy, but the real trigger will likely be around mid-September when the FOMC interest rate announcement comes out. Market sentiment often shifts around such events, and we may see volatility pick up once again. If Bitcoin manages to hold above $107,000–$108,000 and forms a bullish divergence on RSI, then a bounce can follow. Otherwise, the market may continue to stay in correction mode for a while longer. Altcoins are also showing mixed signals. Ethereum has support near $4,000–$4,200, while Solana and BNB are hovering near their support levels. Overall, September could remain a corrective month, but I feel the last quarter of the year has the potential for strong upward moves once the current uncertainty settles. That's it for today. Thanks & have a good day!!

@abfarhan