Bitcoin's Second Chance: Prices Rise After Brief Dip
Bitcoin prices are on the rise again after a brief dip, with the cryptocurrency currently sitting at just above $19,000. Bitcoin is struggling to maintain this height, however, and further dips in price are still possible.
It is clear that the Bitcoin price is under pressure at the moment, with the cryptocurrency struggling to get above $19,000. Selling pressure has been relentless over the last 24 hours and has sunk market sentiment back into the fear territory. However, it is possible that the Bitcoin price could attempt a recovery on lower timeframes.
The crypto world is about to go through a major milestone as Ethereum completes its transition to a Proof-of-Stake (PoS) consensus. Our analysis shows that this could have a major impact on the price of Ethereum and the wider crypto market. Keep an eye on our website for updates on this developing story.
The Bitcoin price has fallen by 5% over the past day, and is currently trading at around $18,900. However, it is still up by 7% over the past week. The rest of the cryptocurrency market has seen mixed results over the past few days, with some coins holding onto their gains while others appear to be losing momentum. Ethereum (ETH) and Cardano (ADA) have both seen their prices dip in recent days, suggesting that the recent bullishness in these coins may be fading.
Bitcoin Price Must Reclaim These Levels
It's encouraging to see that Bitcoin was able to hold onto a critical support zone during yesterday's sell-off. The cryptocurrency has been trading in a tight range lately, and it's good to see that it's still holding above $20,000. However, bears were able to win the round yesterday, leading to some downside price action. Hopefully this is just a temporary setback and Bitcoin will soon resume its upward trajectory.
It's been a little over two years since Bitcoin hit its all-time high of just under $20,000. Since then, the leading cryptocurrency has been through a lot of ups and downs, but it seems to be stabilizing around the $18,000 mark. This is good news for Bitcoin investors, as it indicates that the market is consolidating after a period of decline. This could mean that Bitcoin is primed for another bull run in the near future.
Bitcoin's price consolidation continues as bulls defend current levels. However, the cryptocurrency is at a critical area, with further losses possible if key support levels are not reclaimed. Justin Bennett, a prominent analyst, said that the BTC price must reclaim the $50,000 level to prevent further losses. This is a key level to watch in the coming days and weeks.
The #Bitcoin chart is pretty straightforward. The $19k region is support. Below that on a daily closing basis, we probably see at least $17,600, if not much lower. BTC bulls need to reclaim $19,700 to see $20,500 and potentially $21,400. I still don’t think the bottom is in.
The cryptocurrency market has been incredibly volatile over the past few months, with prices swinging up and down. However, it seems that the market is starting to stabilize, with prices slowly climbing back up. Bulls must push the price to $19,000 on a daily close basis in order to maintain this momentum and keep the market moving in the right direction.
Inflation might take another hit down, but will BTC bounce back?
The August Consumer Price Index (CPI) print will be released in the next few days, and it could provide the Federal Reserve (Fed) with some room to relax its monetary policy. The July CPI print hinted at a potential slowdown in inflation, and the upcoming results could confirm this trend. This would give the Fed some flexibility in setting interest rates, which could help boost the economy.
I believe that the decline in the price of crude oil could lead to a Bitcoin price rally. In the long run, I believe that the world will enter a deflationary recession.
This could have a major impact on the existing financial system, with Bitcoin becoming one of the most important stores of value alongside gold and U.S. bonds.
This scenario is gaining traction at the start of September as indicates by declining commodities, global GDP and rising expectations for interest-rate hikes.
