Bitcoin Repeats August Dump Pattern in US Market
Bitcoin's price action has echoed a familiar pattern in the US market. On August 11-13, BTC experienced a sudden dump to $62,800 after reaching $64k on softer PPI data. This exact scenario repeated itself this morning as the US market opened and erased gains.
BullTheoryio flagged the overnight strength followed by immediate reversal as evidence of large-entity manipulation, mirroring last year's pattern. The Clarity Act has been renewed due to these observations.
On the 4h chart, BTC trades within its Bollinger band with price testing upper resistance at $64,437. However, the EMA50 and EMA200 act as overhead supply, indicating bearish momentum favoring a retracement toward the lower band of $63,107 before any sustained recovery.
The MACD death cross at -289 and RSI at 37.5 confirm this bearish momentum, suggesting continued US-session pressure on BTC price prediction models.