Bitcoin Price Short-Term Upswing In Peril As Bulls’ Aggression Dies Down

Bitcoin price (BTC) is grappling to maintain the level above $23,500. BTC trying to crawl above $23,500 on August 18 Bulls’ aggression ebbing Immense selling pressure this week could invalidate the prevailing bearish price trend The king of crypto tries to keep the uptrend consistent which has peaked for over two months. Related Reading: Axie Infinity Drops 4.7% In Last 24 Hours As AXS Struggles In The Red Zone Bulls Losing Their Aggression? Judging by the daily chart, it’s apparent that the bulls’ aggression is fading out and will need to exhibit a revolutionary strength to keep the price at a high level that has been playing out positively for the past two months. Intensified selling pressure this week could counter the price trend that is seen to soar. The price of the pioneering digital asset had a massive level drop following the July’s meeting of the Federal Reserve that ruined expectations of a more adaptive monetary policy in 2023. Chart from TradingView.com On August 17, Bitcoin price has plunged by roughly over 2% or a trembling drop below the positive trendline formed from the lows registered on July 15 and July 26; respectively. The Federal Reserves’ minutes of the meeting that was released Wednesday showed the discussion by policymakers that underscore the importance of pushing interest rates up to keep high borrowing costs at bay. Fed Policy Changes Impact Bitcoin Price It’s easy to spot how Bitcoin price gets af...