Analysis and forecast for Bitcoin for the period from August 8 to August 13

Analysis and forecast of the Bitcoin picture for the period from August 8 to August 13 from the Kick Ecosystem analyst team.

The previous week was spent in anticipation of the release of the US CPI. The indicators turned out to be very good and showed 8.5%, which indicates good sentiment in the market. 

The market globally did not process such news, and we froze in the same range - above 24,000 for BTC. Which can only mean one thing - the market has already taken this data into account in some kind of pullback movement and looks very weak at the moment.

If we look at the technical picture, we can notice that the Bitcoin price has made a 50% corrective movement from the local maximum since May 31, 2022, and this can serve as a very good point for opening short positions.

Possible future scenarios are seen as follows:

Scenario 1: breakout of 22,700 and movement to 20,800;

Scenario 2: breakout 24,500 and a possible movement to 25,400 for the main cryptocurrency.

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