Bitcoin Rebounds as Risk Assets Rise on China Tax Cuts, Traders Monitor Key Levels and RSI
Summary:
Bitcoin (BTC) recovers weekly losses as risk assets rise on China tax cuts. 200-week EMA acts as support. Traders watch key levels and note low RSI on lower timeframes. This article is for informational purposes only and does not provide investment advice.
Bitcoin (BTC) made a recovery in its weekly closing losses on Aug. 28 as risk assets surged due to tax cuts in China. BTC/USD reached $26,226, its highest level since Aug. 25, compensating for overnight weakness. The news of China cutting tax on stock trading by 50% boosted U.S. futures, with the S&P 500 and Nasdaq Composite Index opening up 0.6% and 0.7% respectively. The founder and CEO of trading firm Eight, Michaël van de Poppe, highlighted the 200-week exponential moving average (EMA) at around $25,700 as a critical support zone. Another popular trader, Titan of Crypto, emphasized $25,900 as an important level to watch. Bitcoin's relative strength index (RSI) on lower timeframes remained "very low" for the second week, reaching levels not seen in five years. However, this article does not provide investment advice and readers should conduct their own research before making any decisions.
Published At
8/28/2023 2:18:16 PM
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