BTC futures closed out last month with a small increase for the month. That was enough of a gain that the close for August was second only to June 2019. A more bullish picture is almost finished being drawn out as well on a monthly candlestick chart due to prices above the Ichimoku cloud which has indicated massive rallies in Bitcoin before.

Bitcoin seems posed to hover around $11,500 until a major breakout occurs. Just as BTC has done three times since March I expect a move of $1,000 or more to be the most likely way for BTC to exit the sideways trading it is currently in.

Bitcoin futures just like gold were expected to pop higher after yesterday’s ‘non-event’ speech by Chairman Powell. Both assets however dropped sharply yesterday to the surprise of many traders.

As Cointelegraph reported ~

“It could have been the confluence of the market pricing in the Jackson Hole symposium and the lower-than-expected inflation rate.

Today Bitcoin futures once again found resistance at the level it had broken above on Monday of last week. This level is the 23% retracement from 2019’s highs and comes in at $11,900. Currently BTC futures are up fractionally on the day and pegged at $11,760.

Today Bitcoin futures took another step toward reaching the highs of 2019 highs today with BTC futures posting a $550 (4.6%) gain currently trading at $12,485. BTC’s intra-day high today of $12,635 was a price point that we have rarely seen even during the 2019 run up.

Last night or Tuesday morning overseas gold futures began trading lower and by the time that New York markets were opened for trading it was not long before gold futures broke back down below $2,000 per ounce. Gold was not alone in losing over 5% in fact, all of the precious metals lost at least 5% in value yesterday.

Last Monday, July 27^th BTC futures broke above $10,500 for the first time this year. The level of $10,500 has held historical résistance and was effectively a ceiling for the entire first half of 2020.

Bitcoin futures blasted off on Monday not only past the prior high for the year but more importantly it has traded above the descending top that has defined price action since Bitcoin futures began trading at the end of 2017.  This upper level of resistance had only been touched upon at the peak of the 2019 rally and once more last month on the June 2nd’s intraday high.