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📰 Bitcoin Slips After PPI 

Word On The Street: Bitcoin, trading around $57,700, experienced volatility as new U.S. macroeconomic data presented mixed signals on inflation.

The details:

• The U.S. Producer Price Index (PPI) for August revealed a 0.3% month-on-month increase, exceeding expectations.

• This mirrored the recent Consumer Price Index (CPI) report, where monthly and annual inflation showed contrasting trends.

• The focus shifted to unemployment data, with jobless claims reaching 230,750, higher than the anticipated 227,000.

Why it matters: The Federal Reserve is still likely to implement a 0.25% rate cut at its upcoming September 18 meeting

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Other News

Uniswap CEO denies bribe allegations for protocol deployment. The reaction comes after users took to X to complain about Uniswap asking for as much as $20 million for protocol deployment.

Build-on-Bitcoin Trend Imports Another Concept from Ethereum. RootstockCollective, a new decentralized autonomous organization, or DAO, is designed to encourage builders and users of Rootstock – one of the oldest and most closely watched projects among the fast-growing ranks of layer-2 blockchains built atop Bitcoin.

UAE’s central bank approves custodial risk insurance product for digital assets. OneDegree executive Robin Scott told Cointelegraph that the insurance covers Web3 asset managers against the risk of losing customer funds.

Mining New Bitcoin Is More Difficult Than Ever. Here's How it Could Impact BTC Prices. The next difficulty adjustment is expected to decrease mining difficulty, potentially relieving some pressure on miners.

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:

• Solana Technical Analysis (Free)

• Pepe Technical Analysis (Paid)

• Render Technical Analysis (Paid)

TRADERS CORNER
☀️ Solana Technical Analysis

Solana (SOL) is $134.86, positioning itself just above the middle line of the Bollinger Bands. The price is consolidating within a tight range, indicating a potential breakout may be forthcoming.

Trend Analysis:

Solana is showing signs of consolidation after a minor pullback. The Bollinger Bands are tightening, indicating reduced volatility, which often precedes a significant move. The price is hovering around the middle band (20-period SMA), which suggests a neutral stance for now, neither overly bullish nor bearish.

The BBP (Bollinger Band Percentile) value of 0.30 is slightly positive, suggesting that the recent upward momentum is holding, but the price still has room to climb before reaching the upper Bollinger Band.

Support and Resistance:

- Support: Immediate support lies near the lower Bollinger Band at $134.28, which also coincides with recent consolidation levels. If the price breaks below this, the next support level is around $133.00.

- Resistance: The key resistance level to watch is $135.08, which aligns with the upper Bollinger Band. A breakout above this level could see further upside toward $137.00 or higher, should bullish momentum continue.

Scenarios:

- Bullish: If Solana can break above $135.08, it could potentially signal the start of a new bullish phase. A confirmed breakout with higher volume would likely see the price heading toward $137.00 and beyond.

- Bearish: On the flip side, if Solana fails to break through $135.08 and falls below $134.28, it could revisit the lower range of $133.00. A break below this level would suggest further downside, with a potential drop to $130.00.

Solana is in a consolidation phase, with the price tightly squeezed within the Bollinger Bands. A breakout could be imminent, with the key levels to watch being $135.08 on the upside and $134.28 on the downside. A decisive move in either direction will set the tone for the next trend. Traders should look for volume confirmation to gauge the strength of any potential breakout.

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