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BITCOIN
🏦 Bitcoin & Fed Tag Team 

Word On The Street: The bearish sentiment that swept through the crypto markets in early August might have set a "tactical bottom" for Bitcoin.

The details:

• When the Fed begins to ease—either by lowering interest rates or increasing liquidity—it creates a supportive environment for Bitcoin.

• Historically, a looser monetary policy encourages greater risk-taking and investment in assets like cryptocurrencies.

• Powell's recent remarks suggested that the Fed might soon prioritize stabilizing labor market conditions, with rate cuts in september

Why it matters: Bitcoin's sensitivity to global growth expectations is diminishing, with its performance increasingly tied to monetary policy and the U.S. dollar's strength.

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Other News

Crypto products hit with $305M outflow amid strong US economic data. CoinShares expects that crypto investment products will become “increasingly sensitive” to interest rate expectations in September.

Metaplanet Teams Up With SBI VC Trade for Bitcoin Custody. Metaplanet said it was adopting bitcoin as a reserve asset in May and had accumulated a total of 360 BTC by mid-August.

Binance exec’s trial brought forward despite no access to legal counsel. Amid multiple alleged money laundering charges, the Nigerian government claims that Binance was responsible for the decline of its naira currency.

Extremely Unlikely WazirX Customers Will Be Made Whole in Crypto Terms. WazirX co-founder Nischal Shetty said the numbers are as of today and the objective is to reduce the gap through various efforts.

Traders Corner (Premium)

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Traders Corner is the premium section of The Blockstreet Journal. We provide one free report out of appreciation ❤️ 

Reports from our analysts today:

• PEPE Technical Analysis (Free)

• XRP Technical Analysis (Paid)

• Dogecoin Technical Analysis (Paid)

TRADERS CORNER
🐸 PEPE Technical Analysis

PEPE/USDT is trading around 0.000007595, which is situated near the upper standard deviation band of the Bollinger Bands. This positioning typically indicates a level of overextension, where the asset might be considered overbought. However, the price has not yet decisively broken out above the upper band, suggesting that momentum could still be building.

Trend Analysis:

The trend on this chart shows a series of higher lows, which can be interpreted as a sign of a potential uptrend. However, the price action is still relatively close to the middle Bollinger Band (which often coincides with the 20-period moving average), indicating a lack of strong directional momentum. The overall trend appears cautiously bullish, but with a noticeable lack of conviction.

Support and Resistance:

- Resistance: The upper Bollinger Band around 0.000007623 acts as immediate resistance. A close above this level could signal further bullish momentum.

- Support: The middle Bollinger Band (approximately 0.000007576) provides immediate support. A break below this could lead to a retest of the lower band.

Scenarios:

1. Bullish: If the price breaks and closes above the upper Bollinger Band, it may signal a continuation of the bullish trend, with the potential to target higher resistance levels beyond 0.000007623.

2. Bearish: Conversely, if the price fails to break the resistance and drops below the middle Bollinger Band, it could trigger a move towards the lower Bollinger Band, around 0.000007528, indicating a possible bearish reversal.

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