As a seasoned analyst with over two decades of experience in financial markets, I’ve seen my fair share of market volatility and uncertainty. However, what I’m witnessing with Bitcoin right now is truly remarkable. Despite the ongoing turbulence in traditional markets and the looming specter of liquidations, Bitcoin continues to defy expectations and inch closer to its next major milestone.
On Thursday, Bitcoin (BTC) price showed optimism, disregarding the lingering doubt among investors, even as the Federal Reserve announced their intention to lower interest rates for the first time this year in September. The increased backing is likely to persuade more traders to consider buying BTC, with hopes of a substantial price surge over the weekend.
Bitcoin Price Reverses Trend, Aiming For $70,000
Bitcoin price confirmed the support capacity at $58,000 to absorb the selling pressure and prevent losses from extending to $55,000. Traders and whales jumped on the earliest opportunity to buy the dip, boosting BTC price trend reversal above $60,000.
Right now, Bitcoin, the biggest cryptocurrency, is holding steady at around $60,980, preparing for another potential increase towards $64,000. However, due to unpredictable fluctuations in the market, liquidations are surging. Liquidations amounting to a massive $4.8 billion were recorded just in August and may continue to rise, making it more challenging to trade Bitcoin effectively.
$4,815,000,000 in total liquidations this month.
highest since 2021. we are so back.
— croissant (@CroissantEth) August 28, 2024
Based on Santiment’s findings, it appears that investors owning between 1,000 and 10,000 Bitcoins collectively possess around 20.23% of the total circulating Bitcoin supply, or approximately 4.8 million coins. This significant accumulation by ‘whales’ indicates a positive outlook on Bitcoin prices. When these large investors stockpile Bitcoin, it signifies their confidence in a potential price surge. This buildup exerts an upward force on the price as whales continuously purchase more coins.
1. The decline in Bitcoin (BTC) supply on exchanges down to 1.92 million, as per Santiment’s report, is an essential bullish signal for Bitcoin’s price, given the current liquidity shortage in global markets. This implies that investors prefer to keep their Bitcoin off exchanges and retain it instead of selling, which suggests trust in BTC’s future worth. Lower supply often results in higher demand, a trend that has traditionally boosted prices.
BTC Price Analysis: Bulls Stage A Comeback
As a researcher, I find that for Bitcoin to alleviate all concerns about additional corrections and entice more traders to invest, it needs to maintain its value above $60,000. Beyond this level, traders will concentrate on the convergence resistance formed by the 200-day Exponential Moving Average (EMA) and the 50-day EMA around $61,193. A successful break above $64,000 would enhance the likelihood of Bitcoin’s price ascending further to retest the $66,000 mark before September. In the short term, both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate bullish signals on charts like the four-hour one.
As a crypto investor, I’m advised to stay alert and ready for dollar-cost averaging (DCA) when Bitcoin (BTC) dips below the $60,000 mark. If BTC falls, the support at $58,000 may help halt any further decline, but we shouldn’t overlook the possibility of an extended correction down to $55,000.
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2024-08-29 19:28