$BTC today‼️
Trading within the boundaries of the channel shown in the Bitcoin price snapshot yielded a profit of at least 30%.On Friday, we analyzed the probability of a Bitcoin correction on prediction markets (Memepred, Manifold, Polymarket), and the forecast played out perfectly.
However, the Coinbase Premium Index is flashing warning signs right now: after a brief recovery late last week, it has flipped back into the negative and continues to drop.
On top of that, geopolitics is snowballing for the worse, and the massive rally from $63,000 has pushed the RSI deep into overbought territory, flashing a risk of profit-taking by major players.
Contrary to political optimism, commodity market conditions are deteriorating.
This inverse correlation—expensive oil means cheap Bitcoin—exerts heavy pressure, which is further amplified by rising bond yields. In reality, the recent liquidity injections have failed to move the needle.
Nevertheless, banking on market inertia through the end of August, I am holding onto my long position with a stop-loss and an interim take-profit target at $78,200. If the bulls manage to keep the price above $77,100 this coming week, it will clear the path toward $80,000.