Fairlead Analyst: Bitcoin No Longer Oversold, Potential Breakout Imminent

ME News reports that on August 26 (UTC+8), Katie Stockton, Managing Partner at Fairlead Strategies, stated that Bitcoin is no longer oversold but has not yet become overbought. She noted that Bitcoin broke above its 200-day moving average in May, and a potential breakout may be imminent. Last week, Bitcoin began to rise following news that the U.S. Treasury would at least double the size of its liquidity support repurchase operations, posting a seven-day gain of over 22% and trading recently at approximately $78,915—having briefly surpassed $81,000 on Monday. Bitcoin traded mostly below $65,000 throughout June and July and experienced its lowest volatility in 17 years. Analysts believe the so-called "depreciation trade" may be reigniting, wherein investors buy assets when they perceive fiat currency depreciation. The U.S. dollar declined after the Treasury announcement, prompting gains in both gold and Bitcoin. U.S. investors returned to Bitcoin ETFs last week, with net inflows nearing $2 billion. Additionally, President Trump met with crypto executives at the White House last week, stating that passing the Clarity Act would keep the U.S. ahead. Originally scheduled for a vote in August, the bill has now been postponed to September and aims to establish a framework for distinguishing between securities, commodities, and payment stablecoins in digital assets. (Source: ChainCatcher)