Bitcoin has started to move slowly and steadily towards the upside again, even as $58.3k remains the level to be broken, with bears opening shorts as soon as the level is reached. While many analysts are predicting Bitcoin to test 58k–60k volumes, with the current selling pressure of the now defunct Mt. Gox exchange, the German government, and the US government, the downtrend is likely to continue.
Federal Reserve Chair Jerome Powell testified before Congress yesterday, hinting at a potential interest rate cut in September. His remarks, coupled with rising unemployment rates in the US, have raised expectations for interest rate reduction. Bitcoin saw a brief uptick following the news before stabilizing back to its previous level.
