As a seasoned researcher with years of experience tracking the volatile crypto market, I find myself once again at the crossroads of bullish optimism and bearish caution. The recent downturn in Bitcoin price, coupled with the extreme fear index, has left me questioning the market’s next move.
In simpler terms, Bitcoin supporters find themselves facing resistance from those who believe it will fall (bears), as the overall sentiment in the cryptocurrency market has turned to ‘extreme fear’. However, traders are optimistic about a recovery in the crypto market following positive economic news from the US. Yet, technical factors are putting strain on the price of Bitcoin.
Bitcoin Price Trades Under Bull Market Support
In the past 24 hours, Bitcoin experienced a decline of over 2%, reaching a low of $58,210. On the other hand, altcoins like Ethereum, Solana, XRP, and Toncoin are showing positive trends. This trend could suggest an approach towards an “altcoin season,” but it’s uncertain based on other signals.
According to Benjamin Cowen, founder of Into The Cryptoverse, Bitcoin (BTC) recently closed for the week below its bull market support level. This pause in bullish momentum arises as traders exercise caution and review their investment plans. It is worth mentioning that the current price of Bitcoin is trading under the significant 200-day moving average.
Historically, August has been a difficult month for Bitcoin, and this trend seems to be holding true this year as well. However, recent signs of cooling inflation rates, decreasing jobless claims, and improved retail sales data suggest that the U.S. Federal Reserve may consider interest rate cuts. This could potentially trigger a rise in Bitcoin prices.
Analyst Says BTC Buy & Hold Are Not Working Anymore
As a researcher delving into financial markets, I’ve arrived at a compelling observation: Markus Thielen, the astute CEO of 10X Research, has voiced his concern that the traditional buy-and-hold strategy may no longer yield fruitful results for investors. However, he remains optimistic, suggesting that Bitcoin, despite its recent lull in momentum, still holds substantial potential for growth.
Until now, August has recorded $320 million in spot Bitcoin ETF outflows, second after $345 million outflows in April. Bitcoin ETF inflows in the last two days signaled high odds of a bullish reversal. This week will be crucial due to FOMC Minutes release, Fed Chair Jerome Powell’s speech, and jobless claims.
According to 10x Research’s current findings, it appears that focusing on the pattern of token releases compared to Bitcoin is the most effective approach.
Currently, Bitcoin’s price stands at approximately $58,507. Over the past day, it has experienced a decrease of around 2%. The lowest and highest points within this period were $58,264 and $60,262 respectively. Notably, there has been an uptick in trading activity, with a 35% increase in volume over the last 24 hours, suggesting heightened interest among traders.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- EUR ILS PREDICTION
- CKB PREDICTION. CKB cryptocurrency
- USD COP PREDICTION
- LBT PREDICTION. LBT cryptocurrency
- PRIME PREDICTION. PRIME cryptocurrency
- TAO PREDICTION. TAO cryptocurrency
- VANRY PREDICTION. VANRY cryptocurrency
2024-08-19 11:40