Bitcoin (BTC) Price Reverses Trend, Aiming For $70,000

Bitcoin (BTC) price bullish outlook on Thursday ignored extensive uncertainty among investors, which continues despite the Federal Reserve committing

Bitcoin price bullish outlook on Thursday ignored extensive uncertainty among investors, which continues despite the Federal Reserve committing to the first rate cut of the year in September. Higher support will encourage more traders to consider taking long positions in BTC, targeting a significant rally over the weekend.

Bitcoin price analysis reveals bullish sentiment among large holders, known as whales, and a decrease in the total Bitcoin supply on exchanges, both of which could support a price increase.

Bitcoin price bullish outlook faces challenges from liquidations and investor uncertainty

Bitcoin price analysis shows a bullish outlook on Thursday, despite ongoing uncertainty among investors. The Federal Reserve announced plans for the first rate cut of the year in September, which had little impact on BTC price movements.

Higher support levels could encourage traders to open long positions in Bitcoin, aiming for a substantial rally over the weekend.

Bitcoin price bullish outlook: Key levels to watch

The largest cryptocurrency price encountered support at $58,000, preventing further losses and absorbing the selling pressure, which aimed to drop BTC price to $55,000.

Traders and whales used the earliest opportunity to buy the dip, boosting Bitcoin price trend reversal above the $60,000 mark.

Bitcoin price bullish outlook is challenged by liquidations

As Bitcoin price continues its rollercoaster ride with unexpected movements, traders face the brunt of these shifts. Liquidations in August alone reached a staggering $4.8 billion mark and could continue to rise, making it harder to trade Bitcoin.

“$4,815,000,000 in total liquidations this month. highest since 2021. we are so back.”

Croissant Eth highlighted the high levels of liquidations in August, showcasing the volatility and risk associated with trading Bitcoin.

Moreover, investors with between 1,000 and 10,000 BTC in their wallets now hold 20.23% of the circulating supply, approximately 4.8 million BTC, according to Santiment data. This massive accumulation by whales could indicate a bullish outlook for Bitcoin price.

“Investors holding 1K to 10K BTC in their wallets now have a total of 20.23% of the circulating supply (around 4.8 million BTC). Rising whale accumulation suggests a bullish sentiment for Bitcoin price.”

Santiment reported a crucial bullish indicator for Bitcoin price, revealing a slump in BTC supply on exchanges to 1.92 million. This highlights that investors hold their BTC in self-custody rather than sell, indicating confidence in the coin’s future value. Reduced supply can lead to increased demand, historically pushing prices higher.

“Bitcoin price bullish outlook is supported by a decrease in the total BTC on exchanges to 1.92 million, suggesting investors are holding their coins rather than selling, which could indicate a bullish sentiment.”

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