Bitcoin’s (BTC) price has struggled to rally above the crucial support/resistance level of around $62k since the August 5 market crash. The fear of further crypto crashes in the coming weeks and potentially in September continues to increase among investors.
Furthermore, Bitcoin’s fear and greed index dropped from 39 percent on Thursday to 34 percent on Friday after the flagship coin retraced below $61k.
According to on-chain data analysis provided by Glassnode, long-term holders have registered a net realized profit/loss of about $138 million, down from over $900 million in the past few weeks.
Nevertheless, long-term Bitcoin holders have accumulated more coins in preparation for the next bullish wave. For instance, BlackRock’s IBIT has led other US-based spot Bitcoin ETFs in accumulating coins worth over $280 million in the past two weeks.
During the same period, Bitcoin miners almost mined coins to the same value, thus yielding an equilibrium between buyers and sellers.
According to a report by Matrix on Target, a group of researchers who pinpointed Bitcoin’s bear market bottom and the 2023-2024 bull run, the upcoming macro shift will trigger the next big rally.
“Financial markets may seem calm, but we could be at a pivotal juncture as gold, oil, treasury yields, and the U.S. dollar through critical support levels. This situation suggests that a significant macroeconomic shift might be underway, with its full impact likely to become apparent only in the coming months”
The upcoming U.S. elections, along with anticipated interest rate cuts next month, are expected to trigger this macro shift. Additionally, Matrixport pointed out that the post-Bitcoin-halving bull cycle is nearly halfway through, with roughly 250 days remaining until it reaches its peak.
The next few months could be a defining period for Bitcoin. Will it emerge stronger than ever? Let’s wait and see.
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