Over the past three weeks, Bitcoin (BTC) has witnessed a persistent downtrend, reaching $25,168 due to rising bond yields and economic shifts. The cryptocurrency hit a two-month low at $26,000, reflecting a 0.74% loss in 24 hours and an 11% drop in the past week. Other major digital currencies like Ether and XRP have also seen significant declines.
The market sees both bearish and bullish sentiments for BTC. Let’s explore.
Analysts closely watch BTC’s support and resistance levels. @ali_charts on X warns that breaking $25,400 support could lead to a drop to $20,590. Keith Alan from Material Indicators suggests a decline to $25,000. Both agree that below $25K, BTC could go even lower, potentially to $20,000.
Josh Olszewicz remains optimistic, stating that as long as BTC’s two-year moving average stays positive, it could reach $168,000, offering hope amidst the downturn.
Escalating global bond yields have historically discouraged crypto investment due to increased risk aversion. This trend, coupled with shifting global economic conditions, could strain liquidity and impact riskier assets, including cryptocurrencies.
On the other hand, Awaiting a verdict in the legal dispute between Grayscale Investments and the SEC adds regulatory uncertainty. Converting GBTC to a Bitcoin ETF could potentially lead to a bullish trend for BTC.
Related: BTC Price: August Sees a 13% Dip in Bitcoin, Is the Worst Yet to Unfold?
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