BTCUSD

Three failed breakout attempts and fading momentum have put Bitcoin bulls on notice. Another rejection could open the door lower just as attention swings back towards NVIDIA and the AI trade.

Key levels on active technical setups in DXY, Gold, and Bitcoin heading into the start of the week.

At the start of the trading week, strength around Bitcoin remains one of the most relevant factors for the market. Over the last seven trading sessions, the cryptocurrency has gained more than 23%, allowing it to approach a price zone not seen in several months near $80,000.

With just over a week remaining before the end of August, the renewed strength of the cryptocurrency market has become increasingly evident during the latest trading week. Over the past several days, major cryptocurrencies have posted significant gains and broken through key technical levels, suggesting that bullish sentiment has regained prominence across the market.

With only a few trading sessions left in August, the cryptocurrency market has regained significant momentum in both activity and investor confidence. This shift has been driven primarily by developments surrounding the Clarity Act and a substantial short squeeze that accelerated demand over the past several days.

Bitcoin is heating up again, with BTC/USD breaking higher as momentum fades across the AI and semiconductor space.

The delayed fuse between BTC/USD and Gold was lit this week and BTC/USD is now working on its strongest week since last September with a current 14.2% gain.

Bitcoin broke out of the August range today and the next technical hurdle could determine whether a larger trend reversal is taking shape.

As we came into August it looked as though there may have been a changing of the guard, with Bitcoin breakout out and Gold holding near $4k. That course has shifted and BTC/USD continues to consolidate.

Over the last three trading sessions, Bitcoin has posted a gain of nearly 2.00%, bringing a short-term bullish bias back into focus. Buying pressure has held steady as confidence in risk assets rebounds, driven by relative stability in the Middle East.

During the last week of July, weakness has once again become evident across the cryptocurrency market. Over the last few sessions, several assets have started to mark new short-term lows, reinforcing the possibility of more consistent selling pressure.

As the last week of July comes to an end, the cryptocurrency market is once again showing weaker short-term appetite. Over the last few sessions, demand has shown signs of caution, in a week marked by central bank decisions that failed to strengthen appetite for risk assets.