Over the past week, the price of bitcoin (BTC) has rebounded and regained the lows it reached earlier this month. According to analysts at the crypto exchange Bitfinex, the leading cryptocurrency has returned to a warm, but not overheated, zone. The latest Bitfinex Alpha report states that macroeconomic events will determine the next direction of bitcoin over the next few weeks as the market approaches the end of this bull cycle.
Bitcoin’s recent recovery is evident in the US spot exchange-traded fund (ETF) market. At the beginning of this month, spot ETF inflows turned negative, with investors withdrawing at least 1,500 BTC over four consecutive trading days. Analysts found that the market saw its largest four-day selling streak between July 31 and August 5, totaling $1.45 billion. However, the market saw a positive reversal between August 6 and 8, with inflows totaling more than $770 million. Even August 11 recorded positive flows exceeding $178 million. These inflows, supported by consistent BTC accumulation by crypto treasury companies, are the primary catalyst behind the market’s latest strength. Notably, BTC rallied close to its all-time high on Monday, climbing from $118,000 to $122,100. Although it had fallen to the $118,000 range at press time, demand from ETFs and crypto treasury companies could keep its value afloat.
Furthermore, Bitfinex has noticed a growing relationship between ETF flows and macroeconomic conditions in recent months. Analysts say the crypto market is becoming increasingly sensitive to macro events, and this week will be no different as Consumer Price Index (CPI) and Producer Price Index (PPI) data are due in the next few days. Bitcoin’s continuation of its current momentum largely depends on macro releases – the asset could either break to new highs or retest recent lows. Bitcoin faces the possibility of retracing to $110,000 in the near term. “Even so, the broader structural outlook remains constructive, underpinned by sustained institutional accumulation, expanding treasury adoption, and resilient spot demand,” analysts added.
Meanwhile, the market shows a significant split between profit-taking and loss-realization among coins currently in motion. About 70% of short-term holder supply is still held in profit, while the proportion of assets being sold for profit has eased to 45%. Market experts insist BTC will continue to oscillate between range highs and lows, with the asset’s price moving above and below the cost basis of fresh buyers.
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Bitcoin (BTC) Price Prediction – August 12, 2021
BTC/USD price has been in a downward correction after its rejection from the $46,000 resistance. The bears have broken below the $45,000 support as the market reached a low of $44,000. The selling pressure has continued as the market reached a low of $43,000.
Resistance Levels: $45,000, $46,000, $47,000Support Levels: $40,000, $39,000, $38,000
Bitcoin (BTC) price has been in a downward correction after its rejection from the $46,000 resistance. The bears have broken below the $45,000 support as the market reached a low of $44,000. The selling pressure has continued as the market reached a low of $43,000. The bulls have bought the dips as the market corrected upward. The upward move was short-lived as the bears resumed selling pressure. The market is likely to decline further as the bears are likely to retest the $43,000 support. If the bears break below the $43,000 support, the market will decline to $40,000 low. On the other hand, if the bulls defend the $43,000 support, the market will resume an upward move.
Bitcoin (BTC) Indicator Reading
Bitcoin price is at level 44 of the Relative Strength Index period 14. It indicates that the market is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping downward indicating the downtrend. The market is below the 80% range of the daily stochastic. It indicates that the market has bearish momentum.
Meanwhile, BTC/USD is in a downward move as the market reaches the low of $43,000. The selling pressure is likely to continue as the market reaches the low of $43,000. On the downside, if the bears break below the $43,000 support, the market will decline to $40,000 low. On the other hand, if the bulls defend the $43,000 support, the market will resume an upward move. However, the uptrend will resume if the bulls break above the $45,000 resistance. Bitcoin is trading at $44,000 at the time of writing.
BIO: Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.
Bitcoin (BTC) Price Prediction – August 13, 2021
BTC/USD price has been in a downward correction after its rejection from the $46,000 resistance. The bears have broken below the $45,000 support as the market reached a low of $44,000. The selling pressure has continued as the market reached a low of $43,000. The bulls have bought the dips as the market corrected upward. The upward move was short-lived as the bears resumed selling pressure. The market is likely to decline further as the bears are likely to retest the $43,000 support. If the bears break below the $43,000 support, the market will decline to $40,000 low. On the other hand, if the bulls defend the $43,000 support, the market will resume an upward move.
Resistance Levels: $45,000, $46,000, $47,000Support Levels: $40,000, $39,000, $38,000
Bitcoin price is at level 44 of the Relative Strength Index period 14. It indicates that the market is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping downward indicating the downtrend. The market is below the 80% range of the daily stochastic. It indicates that the market has bearish momentum.
Meanwhile, BTC/USD is in a downward move as the market reaches the low of $43,000. The selling pressure is likely to continue as the market reaches the low of $43,000. On the downside, if the bears break below the $43,000 support, the market will decline to $40,000 low. On the other hand, if the bulls defend the $43,000 support, the market will resume an upward move. However, the uptrend will resume if the bulls break above the $45,000 resistance. Bitcoin is trading at $44,000 at the time of writing.
BIO: Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.
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