Key Takeaways
- Bitcoin fell to its lowest level in seven weeks on Tuesday, giving back the gains posted at the end of last week after Fed Chair Powell opened the door to a cut in interest rates.
- After hitting its new all-time high on Aug. 14, the cryptocurrency has reversed course, potentially laying the groundwork for a bull trap—a trading event where prices rise, before reversing sharply, leaving investors with an unexpected loss.
- Investors should watch key support levels on Bitcoin’s chart around $107,000 and $100,00, while also monitoring resistance areas near $117,000 and $123,000.
Bitcoin (BTCUSD) fell to its lowest level in seven weeks on Tuesday, giving back the gains posted at the end of last week after Fed Chair Powell
