Bitcoin Price Faces $107K Support Test as BTC RSI Shows Oversold Signals
The post Bitcoin Price Faces $107K Support Test as BTC RSI Shows Oversold Signals appeared on BitcoinEthereumNews.com.
Zach Anderson
Sep 02, 2025 10:45
BTC trades at $110,204 (+1.72%) as technical indicators suggest potential bounce from key support levels amid mixed market sentiment and recent volatility.
Quick Take • BTC currently trading at $110,204.02 (+1.72% in 24h) • Bitcoin’s RSI at 43.09 indicates neutral-to-oversold territory suggesting potential reversal • Recent 7% August decline creates buying opportunity near critical support zones What’s Driving Bitcoin Price Today? The BTC price has shown resilience over the past 24 hours, recovering 1.72% despite facing significant headwinds from recent market events. The most immediate catalyst affecting Bitcoin’s price action stems from Federal Reserve Chairman Jerome Powell’s Jackson Hole speech, which triggered a 7% decline in August as markets interpreted his comments as signaling continued economic caution. However, positive sentiment from Eric Trump’s bold prediction at the Bitcoin Asia conference in Hong Kong continues to provide underlying support. His forecast that Bitcoin will eventually reach $1 million has energized the crypto community, though this long-term optimism hasn’t yet translated into immediate price momentum given the overshadowing macroeconomic concerns. The technical development from Tether announcing USDT launch on Bitcoin via RGB protocol represents a significant infrastructure advancement that could enhance Bitcoin’s utility in the medium term. This innovation allows users to hold and transfer USDT alongside BTC in the same wallet, potentially increasing Bitcoin network adoption and transaction volume. Despite these positive developments, the overall market sentiment remains cautious as Bitcoin’s August performance erased most summer gains, with the cryptocurrency declining 8% for the month despite continued inflows into spot ETFs. Bitcoin Technical Analysis: Mixed Signals Point to Consolidation Bitcoin technical analysis reveals a complex picture with the BTC price currently positioned below key moving averages but showing signs of potential stabilization. The current price of $110,204…
Filed under: News - @ September 2, 2025 6:29 pm