Bitcoin Double Top Don Sign Say Pullback Before September Rate Cut
Bitcoin daily chart don form double top pattern after mid-July and mid-August highs, e dey raise risk of big pullback. Dis double top pattern come at same time we US CPI data beat expectation, e push BTC pass $123,000 and ETH near $4,700, but surprise PPI miss on Thursday turn tins. Traders now dey face potential pullback risk before the expected Fed rate cut for September plus ongoing institutional money wey still dey flow in. Because no major US data fit come till Thursday unemployment and PMI numbers plus Fed Chair Powell talk for Jackson Hole on Friday, volatility fit tight around weekend. Short-term, Bitcoin fit steady or small dip, but long-term e still get support from easing monetary policy.
Neutral
Double top wey show for Bitcoin daily chart mean sey risk dey for moderate pullback, like di mid-July correction. But market fundamentals still dey okay, with Fed rate cut wey dem expect for September plus institutional money wey dey enter fit stop any big downside. Not much big US data before Powell speak for Jackson Hole so volatility fit short, e fit lead to consolidation instead make e become strong bearish trend.