The Bitcoin [BTC] market is currently uncertain, struggling to maintain a clear upward trajectory after recovering from the downturn on the 5th of August
Bitcoin [BTC] had an interesting trajectory over the last few months. After recovering from the downturn on the 5th of August, caused by Japan stocks crash, BTC had been struggling to maintain a clear upward movement.
At press time, BTC remained just under the $60K level, but there were challenges ahead. A cluster of 4,000 new shorts lay in wait, with spot sell orders just above $61K.
So, BTC could break the $60K price level overnight, but stall at $61K. This was the downside as high-leverage long liquidations loomed around the $58K price mark.
Furthermore, $9.17 billion in Bitcoin shorts could be liquidated if BTC reaches $68K, which also threatened its ability to reach new highs.
However, other data supported BTC’s continued recovery, potentially reaching a new ATH by Q4 2024 or Q1 2025.
Bitcoin recently dropped below the 200-day Simple Moving Average but has double bottomed, a key indicator for long-term trends continuation.
In a bull market, this dip can present a buying opportunity, suggesting a potential rebound.
However, if Bitcoin’s price remains below the 200-day SMA for an extended period of time, it could signal the beginning of a bear market.
Despite this risk, analysts believed that Bitcoin is unlikely to enter a prolonged downturn at this stage. The current situation suggests a temporary dip rather than the start of a bearish phase, with a strong possibility for recovery and continued growth.
Bitcoin whales are also increasing their holdings, indicating a potential price rise.
Analysts noted that large investors and traders are buying during the price dips, a pattern that often leads to price spikes. This trend, coupled with recent halving events and growing institutional interest through Bitcoin ETFs, suggests that Bitcoin’s prices may rise soon.
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The global money supply has also reached a new all-time high, boosting buying power and likely increasing Bitcoin’s price. With more money in circulation, buying pressure rises, making Bitcoin a strong long-term investment.
The continuous increase in money supply supports Bitcoin’s potential for future gains.
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