Bitcoin faces pullback risk as U.S. investor demand slows

Bitcoin is negotiated at around $ 118,815, showing modest daily gains, but chain and macro indicators suggest that the market could enter a more cautious phase.

According to a July 29 analysis From the cryptocurrency Arabic channel, the Premium Coinbase index has become negative for the first time in two months, indicating a lower demand for American buyers compared to the global counterparts.

The index follows the difference in Bitcoin (BTC) Price on Coinbase compared to other exchanges. It generally reflects institutional and retail feeling in the United States

The index had been positive throughout the majority of the rally from levels of less than $ 105,000, showing a strong purchase interest in American institutions and retail merchants. But this excitement has rejected Because Bitcoin exceeded $ 118,000 in value.

The decreasing premium implies that American customers expect lower entry points and are less likely to enter current prices. This change of attitude is accompanied by an increase in exchange entrances.

Recently, more than 30,000 BTCs have entered trading platforms, which suggests that the sales pressure could intensify. The drop in demand in other important regions, such as South Korea, still slows the momentum.

Fed meeting markets for orientations for rate councils

July 30 federal reserve policy decision is an imminent event that could have an impact on Bitcoin. Although the markets generally provide that the Fed will maintain interest rates between 4.25% and 4.50%, the feeling of risks can be affected by the tone of the press conference of President Jerome Powell.

A bellicist perspective would probably increase the sale pressure, especially if there is no obvious catalyst for supporting the demand for cryptocurrency. However, if there is an indication of domination or the rate reductions can start in September, bitcoin could increase in the near future.

Bitcoin technical analysis

With $ 119,500 serving as short -term resistance, Bitcoin is negotiated near the top of its range of Bollinger strips on the daily graphic. The relative resistance index is 60 years, which is neutral but not too hidden, and the 20 -day mobile average serves as support.

The macD and brilliant oscillator show weakening momentum, and the stochastic RSI is approaching the territory of occurrence, which suggests that a short -term rebound is possible if the purchase of curriculum vitae.

Immediate support is $ 118,000 while stronger support is at $ 116,300. A decline Below these levels, can pave the way for $ 112,000, or even $ 109,000. The price must exceed $ 120,000 with force to resume its ascending trajectory.

However, in the absence of fresh interest in investors, Bitcoin could move laterally or undergo a greater correction.