Bitcoin is at $59,250, 3.5% down from seven days ago and still stuck in the same range it has been in since February.
Bitcoin price analysis reveals a 3.5% decrease over the past seven days, with the cryptocurrency remaining within a tight range since February. Despite hopes of a sustained bull market above the previous all time high of $69,000, Bitcoin faces potential downside risks.
After a sudden 6% drop at Tuesday’s market close, wiping out gains following Federal Reserve Chair Jerome Powell’s dovish pivot and a brief surge after RFK Jr.’s endorsement of Trump, Bitcoin recovered from a low of $58,200 to trade above $60,100. However, by Wednesday, most of these gains had dissipated, leaving Bitcoin trading around $59,250.
Moreover, $102 million in forced liquidations of leveraged Bitcoin longs over 48 hours—a small sum compared to the $311 million liquidated during the August 5 crash—showed that major investors' positioning remained largely unchanged despite the recent price drop, which did however increase traders' risk aversion.
Data from Glassnode revealed that there were 668,732 active addresses engaged in sending or receiving Bitcoin for the week ending August 26, a 4% decrease from the figures reported two weeks prior. This downturn in active addresses is viewed as a precursor to diminished investor interest, particularly among casual and smaller-scale participants.
Furthermore, the median transaction volume on Bitcoin also decreased, falling to 0.00376 BTC, the lowest recorded since December 2023. This decline further emphasizes the reduced activity level and smaller transaction sizes being processed on the Bitcoin network.
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