According to the weekly chart, there are no reversal signs yet ā just a nice retest. However, the volume is lower compared to previous S/R retests, so BTC will need strong buying volume from here to aim for the potential $140Kā$150K journey. Letās hope those pension funds start pouring in soon š
Keep these important macro and crypto-related events on your radar this monthš
āø»
1ļøā£ Thursday, August 7 ⢠š US Reciprocal Tariffs Take Effect ⢠š US Unemployment Claims Data
2ļøā£ Friday, August 8 ā¢ šŗšø USA Deadline Proposal for Russia-Ukraine Ceasefire(High-impact geopolitical event to monitor)
3ļøā£ Tuesday, August 12 ⢠š US CPI Inflation Data Release (Likely to cause significant volatility across crypto assets)
4ļøā£ Friday, August 15 ⢠šø FTX Creditor Distribution Phase (Fresh capital entering markets ā could support bullish sentiment. Price action may reflect this in advance.)
5ļøā£ Thursday, August 21 ⢠šļø Jackson Hole Economic Policy Symposium (Watch for Fed commentary ā major for rates, USD, and crypto appetite.)
6ļøā£ Wednesday, August 27 ⢠š» NVIDIA Earnings Call (Potential catalyst for the AI sector and tech equities. Watch closely for guidance.)
7ļøā£ Friday, August 29 ⢠ā¢ļø US-Iran Nuclear Deal Deadline (Geopolitical risk ā could trigger market reactions in oil, gold, and FX.)$ETH $BTC $BNB #ProjectCrypto #
Bitcoin is back at the minor support zone around $117,500, with no major changes to key technical levels at the moment.
I believe the market is now , waiting for Today Fed speech, as traders watch to see whether Powell will hint at a possible rate cut or stick with a no-cut stance.
Personally, I still believe thereās about an 80% chance the Fed wonāt cut rates tomorrow. So the best approach right now is to wait for the Fed outcome, then look for a clean higher timeframe (HTF) key level sweep before considering any safe swing long entries on BTC.
Minor support zone: $117500 Major support zone : 116000- 116500 #BTC $BTC $BTC
After Galaxyās heavy sell-off yesterday, BTC has returned to the minor range within the current uptrend. Technically, Now bulls have room to push the price toward the 120Kā121K range high, as expected. However, a weekend dip to the 116,500ā116,000 zone could present a prime swing entry opportunity.#BTRPreTGE $BTC $ETH