The Bitcoin (BTC) worth has been consolidating during the last week and so floating simply above the $26,000 degree. On the technical charts, the selling pressure on the BTC worth is clearly seen with analysts anticipating a drop to $25,000 and beneath.
As per the PoW Flooring pricing mannequin, the BTC worth can additional drop by one other 40% and beneath $15,000 ranges, reviews well-liked crypto journalist Ali Martinez. As per historic patterns, this is able to mark the top of bearish tendencies. Not crucial that the BTC worth would drop to the $14,800 degree as Bitcoin has very robust help at $20,900.
#Bitcoin | In earlier cycles, $BTC has reached the PoW Flooring Pricing Mannequin to mark the top of a bearish pattern. This degree at the moment sits at $14,800, with robust help looming at $20,900. pic.twitter.com/XZdZ6amgOD
— Ali (@ali_charts) August 28, 2023
Bitcoin volatility at the moment stays subdued as buyers are awaiting the outcome of the SEC’s determination on spot Bitcoin ETF to return y early September. Most likely, there might be extra readability after every week’s time as to the place the BTC worth is heading forward.
After a notable collapse and a subsequent cascade of liquidations, costs have entered a interval of stagnation. Simply a short time in the past, the markets skilled a lack of over $1 billion. This upcoming week will probably be important, with varied occasions scheduled, indicating a chance of elevated volatility.
Bitcoin Transaction Quantity At 3-12 months Low
On-chain knowledge reveals that the transaction quantity for Bitcoin has dropped to its 3-year lows. As per the information from Santiment, this contains the quantity of peer-to-peer funds, miner charges, trade charges, and withdrawals.
Analysts have additionally been flashing warning alerts for investing in Bitcoin at this level. Contemplating earlier cycles, the months of August and September have been intervals of correction for Bitcoin and the broader crypto market.
Bloomberg’s senior commodity strategist Mike McGlone explains that Bitcoin has already given a robust rally this yr. Thus, one can’t anticipate its worth to proceed going larger from right here onwards. Let’s look forward to what the SEC has to say on the spot Bitcoin ETF purposes filed with them.
‘It Went Up, So Will Maintain Going Up’ Dangers in Bitcoin –
The teachings of high-performing, extensively hyped property present worth reversion will be the better danger as soon as the lots soar on board. #Bitcoin at about $26,000 on Aug. 28 is barely beneath the top of 2020, much like… pic.twitter.com/3UdAbpLNLe— Mike McGlone (@mikemcglone11) August 28, 2023
The introduced content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.
