• Citigroup forecasts Bitcoin at $112,000 despite slow US crypto legislation.
• Bitcoin price ranges show cautious momentum with potential volatility ahead.
• Institutional demand remains key amid regulatory uncertainty.

Bitcoin has been steadily climbing over the past week, with its price now sitting around $74,000.

This marks a 6.5% increase over the last seven days, showing renewed momentum after several months of sideways movement.

Citigroup, in its latest update, adjusted its 12-month price forecast for Bitcoin to $112,000, from its previous target of around $143,000.

Citi’s move reflects a cautious optimism shaped by both market dynamics and regulatory developments.

Regulatory headwinds weigh heavily

One of the main reasons for Citigroup’s revised forecast is the slow progress on US cryptocurrency legislation. Lawmakers have yet to finalize clear rules on key issues like stablecoins and decentralized finance.

This lack of clarity is affecting institutional adoption.

Investment firms and hedge funds are hesitant to increase exposure without clear regulatory guidance. The window for passing meaningful crypto laws in the Senate is narrowing.

Internal political divisions are slowing the process further.

Without these legislative catalysts, the market may continue to trade in ranges despite overall optimism.

Citigroup notes that this legislative uncertainty could act as a ceiling for Bitcoin in the near term. Even with strong demand from retail and institutional investors, clear rules are needed to support sustained growth.

What traders should watch out for

Ethereum, Bitcoin’s closest competitor, is also experiencing slower growth due to similar challenges.

Citigroup lowered Ethereum’s 12-month target to $3,175, down from over $4,000. Both cryptocurrencies are influenced by network activity and investor demand, which have shown signs of weakening.

Currently, Bitcoin is trading within a 24-hour range of $73,500 to $74,800, showing relatively stable momentum.

Over the past week, it has moved between $69,000 and $75,600, indicating that volatility is still present.

Citigroup outlines several potential scenarios for Bitcoin’s trajectory. In a bear case, a broader economic downturn or continued regulatory delays could push the price toward $58,000.

On the other hand, strong investor interest and institutional flows could drive it up to $165,000.

These scenarios suggest a wide range of outcomes, highlighting the risks and opportunities for traders.

Even in the base case, Bitcoin is expected to trade around $112,000 within 12 months if adoption trends continue and market confidence improves.

This makes it an attractive, though still volatile, asset for those looking to participate in the cryptocurrency market.

The road ahead is clearly influenced by policy decisions, investor sentiment, and market activity, and traders will need to watch for both regulatory developments and demand signals to navigate this landscape successfully.

Ethereum price started a recovery wave from the $3,230 zone. ETH climbed above $3,350, but it now faces strong resistance at $3,420.

• Ethereum started an upside correction from the $3,240 support zone.
• The price is trading below $3,420 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must clear the $3,420 and $3,450 resistance levels to continue higher.

Ethereum Price Eyes Recovery

Ethereum price extended losses and traded below the $3,350 zone. ETH even tested the $3,240 support zone before it started a recovery wave like Bitcoin. There was a decent increase above the $3,300 and $3,320 levels.

The bulls pushed the price above $3,350. It even spiked above the 61.8% Fib retracement level of the downward move from the $3,518 swing high to the $3,230 low. However, the price seems to be facing strong resistance near the $3,420 zone.

There is also a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD. Ethereum is still trading below $3,420 and the 100-hourly Simple Moving Average.

On the upside, the price is facing hurdles near the trend line and $3,420. The first major resistance is near the $3,450 level. It is close to the 76.4% Fib retracement level of the downward move from the $3,518 swing high to the $3,230 low.

A close above the $3,450 level might send Ethereum toward the $3,520 resistance. The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher. The next key resistance sits at $3,620, above which the price might gain traction and rise toward the $3,650 level. Any more gains could send Ether toward the $3,720 resistance zone.

Another Drop In ETH?

If Ethereum fails to clear the $3,420 resistance, it could start another decline. Initial support on the downside is near $3,375. The first major support sits near the $3,350 zone.

A clear move below the $3,350 support might push the price toward $3,280. Any more losses might send the price toward the $3,240 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,300

Major Resistance Level – $3,420

Bitcoin price dived toward the $38,500 support zone. BTC is attempting a recovery wave and might struggle to climb above the $40,500 resistance.

• Bitcoin price extended its decline and tested the $38,500 support zone.
• The price is trading below $40,000 and the 100 hourly Simple moving average.
• There is a key bearish trend line forming with resistance near $40,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might struggle to recover above the $40,000 and $40,500 resistance levels.

Bitcoin Price Turns Red

Bitcoin price remained in a bearish zone below the $40,000 support zone. BTC extended its decline and traded below the $49,200 level. Finally, it tested the $38,500 support zone, as discussed in yesterday’s post.

A new weekly low was formed near $38,518 and the price is now correcting losses. It is slowly recovering above the $39,000 level. It cleared the 23.6% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low.

Bitcoin is now trading below $40,000 and the 100 hourly Simple moving average. Immediate resistance is near the $40,000 level. The first major resistance is near the $40,350 level or the 50% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low.

Source: BTCUSD on TradingView.com

There is also a key bearish trend line forming with resistance near $40,450 on the hourly chart of the BTC/USD pair. A clear move above the $40,450 resistance could send the price toward the $40,850 resistance. The next resistance is now forming near the $41,250 level. A close above the $41,250 level could push the price further higher. The next major resistance sits at $42,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $40,450 resistance zone, it could start another decline. Immediate support on the downside is near the $39,400 level.

The next major support is $39,000. If there is a close below $39,000, the price could gain bearish momentum. In the stated case, the price could revisit the $38,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $39,400, followed by $38,500.

Major Resistance Levels – $40,350, $40,450, and $40,850.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Dogecoin (CRYPTO: DOGE) shot up on Sunday evening and was the top gainer as the global cryptocurrency market cap rose 1.46% to $2.04 trillion.

What Happened: The Shiba Inu-themed cryptocurrency bounced higher by 17.44% to $0.34 at press time. DOGE has shot up 47.66% for the week.

See Also: How To Buy Dogecoin (DOGE)

Against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE rose 13.54% and 13.12%, respectively.

The apex cryptocurrency traded 1.48% higher at $47,670.96 over 24 hours. For the week, BTC has risen 10.56%.

ETH, the second-largest coin by market cap, was up 1.93% at $3,323.65 over 24 hours and 13.27% over a seven-day trailing period.

ADA, which shot up 54.58% over the week traded 1.22% lower over 24 hours to $2.18 at press time.

The Charles Hoskinson-created cryptocurrency traded 3.76% and 4.11% lower against BTC and ETH, respectively.

Revain (CRYPTO: REV) was the top gainer on Sunday evening as the coin shot up 77.58% for the week and 8.35% over 24 hours to $0.0118.

The token of a project centered around blockchain-based reviews traded 21.14% and 20.7% higher against BTC and ETH.

Other than DOGE, top 24 hour gainers included Solana (CRYPTO: SOL) up 23.03% at $54.69 and Terra (CRYPTO: LUNA), which gained 16.13% at press time to reach $20.13.

Why It Matters: Youtuber Matt Wallace noted the internationalization of the DOGE rally over the weekend and the shifting of action to Binance, a major cryptocurrency exchange.

“This time you’re seeing Binance playing a bigger role, and that’s one of the top exchanges in the world. [It’s] not as popular in the U.S., which means that we are now seeing markets most likely in Asia and in Europe starting to really move to accumulate Doge more, which I think is going to lead to the next big leg up,” said Wallace.

Wallace predicted a price of $1 for the meme coin.

On Bitcoin, Matt Blom, head of digital asset company Eqonex said last week that the $50,000 price level may be difficult to pass due to profit-taking.

As the coin moves to the $50K mark — “People are going to take some coins off. I don’t care how much of a HODLer you are,” said Blom, reported CoinDesk.

See Also: Where Will The Bitcoin Rally End?

Meanwhile, Cardano’s Alonzo upgrade that will usher in smart contracts would be launched on Sept. 12, as per Nigel Hemsley, head of delivery for the cryptocurrency project.

Yuri Mazur,  head of data analytics at CEX.IO, a broker, said, “Cardano’s highly anticipated Alonzo upgrade is also a good reason for investors to stack up the coin,” CoinDesk reported.

Read Next: There’s Growing Buzz Around Dogecoin-Ethereum Collaboration: Here’s What The Progress Looks Like