In this video, we break down Bitcoin on the Daily & 4hr chart using Elliott Wave Theory. You’ll discover both bullish and bearish scenarios, plus the critical price levels and targets to watch. Video by Koenz Trading.
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Bitcoin (BTC) is currently trading at $78,545, showing a minor recovery of roughly 0.8% over the last 24 hours while facing dense resistance near the psychological $80,000 mark. Despite a volatile close to the month, Bitcoin is wrapping up one of its best August performances in history, closing out the month up roughly
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Bitcoin Insights Today
-Geopolitical Resilience: Early morning trading on August 31 saw Bitcoin briefly dip under $77,000 following escalating geopolitical attacks in the Middle East. However, it swiftly rebounded by nearly $2,000, outperforming major altcoins like Ether and BNB which remain flat or negative.
-Macro Headwinds: Market sentiment remains highly cautious following a hawkish speech by Fed Chair Kevin Warsh at Jackson Hole. Stronger-than-expected macro indicators (like the 3.7% headline PCE inflation) have caused futures markets to price in a nearly 60% probability of a September rate hike, strengthening the U.S. dollar and capping crypto gains.
-The "Death Cross" Paradox: Bitcoin printed its first weekly "death cross" in three years. While traditionally a bearish indicator, technical analysts point out that this specific long-term pattern has historically appeared very close to macro market bottoms before major trend reversals.
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