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BITCOIN
📉 Bitcoin Suffers Bad Macro’s 

Word On The Street: Bitcoin has seen a pullback, giving up some of its recent gains as market focus shifts to key macroeconomic events.

The details:

• The cryptocurrency dropped by 1.80% to around $58,125, down from its local high of $60,670.

• This dip is likely driven by short-term traders taking profits ahead of the Federal Open Market Committee (FOMC) meeting on September 18-19.

• The Federal Reserve is expected to cut interest rates by at least a quarter percentage point, influenced by recent U.S. Consumer Price Index.

Why it matters: A rate cut from the Fed could be bullish for riskier assets like Bitcoin, but traders are cautious due to the upcoming Bank of Japan meeting on September 20.

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Other News

Circle predicts stablecoins will become mainstream global payment method. Stablecoin issuer Circle expects internet payment firms and other financial services companies will attempt to enter or expand in the space.

Polymarket Bettors See 84% Chance of Donald Trump Starting His Own Token. The bump came as Trump said he would launch the family-helmed World Liberty Financial project on Monday.

Norway town campaigns to close Bitcoin mine, electricity costs jump 20%. The Noranett network manager estimates that, following the Bitcoin mining closure, the average household in Hadsel could face an additional annual cost equivalent to $280 USD.

'An Explosion of Election Gambling' Is Nigh, CFTC Warns Appeals Court. The regulator asked the court to extend the pause of Kalshi's political prediction markets for as long as the agency's appeal is pending.

Traders Corner (Premium)

Welcome, Traders!

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

Reports from our analysts today:

• Binance Coin Technical Analysis (Free)

• TON Technical Analysis (Paid)

• Cardano Technical Analysis (Paid)

TRADERS CORNER
💸 BNB Technical Analysis

Binance Coin (BNB) is $546.60, positioning itself near the middle line of the Bollinger Bands. The price is currently in a phase of consolidation, signaling a potential breakout.

Trend Analysis:

BNB is showing signs of consolidation after a recent downward move followed by some recovery. The Bollinger Bands are moderately wide, indicating some level of volatility, with the price hovering around the middle band (20-period SMA). This suggests a neutral to slightly bearish stance at the moment.

The BBP (Bollinger Band Percentile) value of 1.1 is slightly positive, indicating a modest upward momentum, though not strong enough to suggest a clear breakout direction at this time.

Support and Resistance:

- Support: Immediate support lies near the lower Bollinger Band at $545.90, which coincides with the recent price floor. If the price drops below this level, the next support could be around $543.00.

- Resistance: The key resistance level to watch is $549.10, which aligns with the upper Bollinger Band. A break above this level could push the price towards $552.00 or higher, signaling the continuation of a bullish trend.

Scenarios:

- Bullish: If Binance Coin can break above $549.10, it could signal a continuation of the recent recovery and start a new bullish phase. A confirmed breakout with higher volume could see the price heading towards $552.00 and potentially beyond.

- Bearish: Conversely, if Binance Coin fails to break through $549.10 and falls below $545.90, it may revisit the lower range of $543.00. A sustained drop below this support could lead to further downside, possibly targeting $540.00 or lower.

Binance Coin is currently in a consolidation phase with a slight bullish bias, as indicated by the Bollinger Band Percentile. However, the market remains cautious, and traders should watch the key levels of $549.10 and $545.90 for potential breakout directions. Monitoring volume and price action around these levels will provide clues to the next significant move.

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