Bitcoin prices remained stable over the weekend, and as a large number of bullish catalysts converged, it rose to a critical resistance level of $118,000.
summary
- Bitcoin prices could surge to their all-time highs this week.
- We formed bullish flag patterns on our daily charts.
- Bitcoin ETF inflows continue to increase this month.
Bitcoin (BTC) had traded around $118,500 in its last Sunday check, which rose sharply from its $112,000 low last week. This trend could continue this week, with observers hoping for the highest ever high.
Bitcoin price to hit ass when bullish flags become active
Daily charts show that BTC prices form a bullish flag pattern that often precedes intense breakouts. The pattern bottomed out at $98,320 on June 22nd, peaking at an all-time high of $123,200, giving it a height of nearly $25,000.
It forms a section of the flag. This is characterized by a falling channel. Now there are signs that it is erupting above the top of the flag.
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The price target for the bullish flag pattern is estimated by adding the flag height to the breakout point. In this case, this is $117,000. Adding two, the price target is $142,000.
Another catalyst for Bitcoin prices is to exceed the 100-day exponential moving average. It also formed a break and letterst pattern by dropping into support at a previous all-time high of $112,000.
The top indicator also shows more profits in the short term. The relative strength index jumped to cross the neutral point at 50. Other oscillators such as MACD and MFI are also pointed up.
BTC Price Chart | Source: crypto.news
The Federal Reserve reduced hope and ETF inflows
Bitcoin prices have potential catalysts that could drive that surge to this week’s record high. For example, the data shows that American investors continue to accumulate it. ETF inflows exceeded $246 million last week, a major reversal from last week’s net outflow of $643 million.
The rising demand for Bitcoin from finance companies came as the supply of exchanges plummeted to the lowest level in years. This is bullish.
Meanwhile, the odds of the Federal Reserve beginning to cut interest rates at its September meeting have risen. These odds skyrocketed after the US released weak non-farm pay data this month.
The odds could rise when the US releases weaker consumer price index data on Tuesday. Economists hope that data will show that headline CPI rose to 2.8% in July as tariff impacts begin to be shown.
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