By Samir Al Khoury,

The price of Bitcoin reached $65,103 on Sunday, 25 August 2024, marking its highest level since 2 August 2024. It is currently hovering around $59,000.

Since hitting a low of $49,577 on 5 August 2024, Bitcoin’s price has risen by approximately 19%. However, its biggest challenge remains reaching the record high of $73,794, achieved on 14 March 2024.

Year-to-date, Bitcoin’s price has surged by about 40%, outperforming the Nasdaq 100 (up by roughly 17%), the S&P 500 (up by about 19%), and gold (up by around 22%).

Several key factors could support Bitcoin’s continued upward trend:

• Increased investment inflows into exchange-traded funds (ETFs) in the United States.

• Federal Reserve Chairman Jerome Powell’s dovish remarks at the Jackson Hole Symposium, where he clearly indicated that the time has come to adjust monetary policy, specifically by beginning to cut interest rates from September.

• Market expectations of a 100-basis-point reduction in US interest rates this year.

• The decline in the US dollar index, which measures the dollar’s performance against a basket of six major currencies, could positively influence cryptocurrencies, particularly Bitcoin, which is denominated in US dollars. A weaker US dollar makes Bitcoin more attractive to investors, thereby boosting their buying appetite.

• Large institutions are continuing to increase their Bitcoin holdings, even if by small percentages, driven by diversification strategies and strong optimism about the industry.

Markets are also closely monitoring Nvidia’s financial results, expected after today’s session closes. Given the positive correlation between the Nasdaq 100 technology index and Bitcoin, any better-than-expected financial results could likely have a positive impact on Bitcoin.

From a technical perspective, the outlook for Bitcoin appears somewhat bearish. The price has breached the psychological barrier of $60,000 and is trading below the 200-day moving average (yellow) at $63,531 and the 50-day moving average (blue) at $61,983. The Relative Strength Index (RSI) currently stands at 45, indicating bearish momentum for Bitcoin.

Please note that this analysis is provided for informational purposes only and should not be considered as investment advice.

Taurex is the trading name of Zenfinex Global Limited, Stochastic Africa SL Ltd, Zenfinex Global LLC, and Zenfinex Limited.

Zenfinex Global Limited is registered in the Republic of Seychelles with registration number: 8428731-1 and is regulated by the Financial Services Authority of Seychelles (license number SD092). Its registered office address is F20, 1st Floor, Eden Plaza, Eden Island, Seychelles.

Stochastic Africa (SL) Limited is a company registered in Sierra Leone with Company Number: SL270319STOCH05271 and is licensed by the Bank of Sierra Leone under license number BSL/SAL/2023 and with the registered office at 148D Wilkinson Road, Freetown, Sierra Leone.

Zenfinex Global LLC is a company registered with the Financial Services Authority in Saint Vincent and the Grenadines under registered number 138 LLC 2019. Its registered office is Hinds Building, Kingstown, Saint Vincent, and the Grenadines.

Zenfinex Limited is a company registered in England and Wales under registered number: 11077380. Authorised and regulated by the Financial Conduct Authority under firm reference number 816055. Its registered office is 4th Floor, 4 Eastcheap, London, EC3M 1AE, United Kingdom.

*All trading involves risk.