Bitcoin price today: falls to 2-week low below $113k ahead of Fed Jackson Hole
The US Dollar is trading at 97.83, after a session low of 97.81, with price action hovering just above critical support. The 15-day moving average at 98.57 and the 20-day moving average at 98.34 are both sloping downwards, underlining the prevailing bearish tone despite recent sideways consolidation.
Key Technical Observations
Support Under Pressure:
The index has repeatedly tested the 97.50–97.80 zone over the past sessions. This area has acted as a floor for dollar weakness, but repeated retests suggest fading buyer conviction.
Bearish Alignment:
The index remains firmly below both its 15- and 20-day moving averages. This technical setup highlights a lack of bullish momentum and keeps the short-term trend bearish.
Sideways Drift:
Since late July, the index has traded between 97.50 support and 99.00 resistance, consolidating after a sharp decline earlier in the year.
Momentum Signals:
Candlestick action reflects indecision, but with a tilt to the downside. Unless a strong catalyst emerges, the bias favours a breakdown below 97.50.
Macro & Market Context
Fed Policy & US Data:
Expectations of a Fed pause or slower tightening, alongside mixed US data, have capped upside for the dollar. This policy backdrop continues to weigh on sentiment.
Global Risk Appetite:
A more stable global risk environment has lessened safe-haven demand for the dollar, contributing to the index’s soft tone.
Key Levels to Watch
- Immediate Resistance: 98.35–98.60 (15- & 20-day moving averages)
- Breakout Target: 99.20–99.50 (swing highs from earlier consolidation)
- Immediate Support: 97.50 (current floor)
- Breakdown Support: 96.80–97.00 (next downside target)
Bias: Bearish Consolidation with Downside Risk
As long as the index trades below 98.60, the bias remains bearish. A sustained break under 97.50 would confirm a downside continuation toward 96.80.
Look for selling opportunities on failed rallies into the 98.35–98.60 zone. A decisive break below 97.50 would offer bearish continuation setups. Only a move back above 98.60 would neutralize the bearish bias and hint at a potential recovery.
