Bitcoin saw an overnight surge, but will the gains continue? (Reporting via WilliamSuberg)
Trader and analyst Rekt Capital nonetheless voiced ongoing caution over Bitcoin’s poor record at turning the 200-week MA into solid support for this bear market.argued“But if $BTC fails to retest the MA in the short-term, that would probably serve as further evidence that this recovery is merely one of relief.”Similarly conservative in its price outlook was trading firm QCP Capital, which in its latest market update sent to Telegram channel subscribers that the overall picture was “very mixed.
Pointing to complex macro triggers, QCP said that the United States Federal Reserve’s monetary policy would be a decisive market-moving factor going forward. Fed Chair Jerome Powell, it noted, had not achieved consensus over the pace and scope of future key interest rate hikes. “Economic data globally is pointing to poor growth and a coming global recession,” the update read, highlighting upcoming Consumer Price Index inflation data for July due for release on Aug. 10:
“We continue to think that markets will trade sideways and will be sensitive to economic data releases. US CPI next Wednesday will be the next important one to watch.”On altcoins, Ether and other large-cap tokens joined in Bitcoin’s relief push higher.ETH/USD circled $1,665 at the time of writing, with ETH/BTC nonetheless failing to crack resistance closer to the 0.075 mark after a second retest.
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