Key Points
- Bitcoin’s price is struggling within the $54K-$55K range, with bearish signals from RSI and MACD.
- Presto Research argues Bitcoin is undervalued, citing record hashrate and high network security.
Bitcoin [BTC] is currently experiencing difficulties in surpassing its trading range of $54K to $55K.
Several important events, such as the potential rate cut by the Federal Reserve, the upcoming Presidential debate, and the release of key U.S. economic data, might be impacting its price.
Bitcoin’s Current Performance
At the time of writing, Bitcoin has seen a slight increase of over 2% in the last 24 hours, with its price standing at $55,396.
However, technical indicators like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) suggest a continued bearish trend.
Presto Research traders have a different view on Bitcoin’s current price.
They believe that the cryptocurrency is significantly undervalued, pointing to the record 679 EH/s hashrate and high network security as evidence.
Future Predictions for Bitcoin
The high hashrate could signal potential price bottoms for Bitcoin, hinting at a possible future price increase.
Meanwhile, the U.S. economic data shows a slower-than-expected job growth, but a lower unemployment rate has alleviated worries about a possible recession.
The upcoming August Consumer Price Index (CPI) and the Producer Price Index (PPI) figures, as well as the impending debate between former President Donald Trump and Vice President Kamala Harris, could cause further fluctuations in Bitcoin’s price.
As cryptocurrencies play a significant role in this election cycle, these developments might influence Bitcoin’s price movements and investor sentiment.
