The post Bitcoin (BTC) Price Could Trigger Bull Run in August : Here’s Why appeared first on Coinpedia Fintech News
The recent Bitcoin (BTC) price rejection around $59k, which resulted in the 2.1 percent decline in the past 24 hours, has widened the crowd’s fear of further crypto capitulation. As Bitcoin price continued to hover around $57,300 on Friday during the early New York session, the fear and greed index dropped further towards 25, which is interpreted as extreme fear.
The crypto crowd’s fear is well founded on the fact that Bitcoin price has confirmed a mid-term bearish signal towards $50k in the coming weeks. In the past four months, Bitcoin price formed a possible double top backed by a bearish divergence of the weekly Relative Strength Index (RSI).
Unless the Bitcoin price regains support above $61k in the coming weeks, it is safe to assume that $73k was a local top.
Bitcoin Whales Focused on Long-Term Opportunity
According to on-chain data, institutions and large holders of Bitcoin accelerated the BTC accumulation pace in the past month. Furthermore, the recent US economic data suggests a cooling inflation, which is a signal to inevitable interest rate cuts later this year.
The long-term Bitcoin holders have been absorbing the heightened selling pressure from the German government and now from Genesis Trading,
According to Arkham Intelligence, a Bitcoin address associated with Genesis Trading has sold 12k BTCs in the past month. Currently, the bankrupt company holds about 33k Bitcoins, worth around $1.9 billion, which will be liquidated in the coming months.
What Next?
According to a popular crypto influencer alias Open4Profit, Bitcoin price will resume its uptrend during the fourth quarter after completing a fakeout consolidation. The crypto analyst argued that Bitcoin price will regain the 200-day Moving Average (MA) in a similar manner as it happened in October last year.
Also Read: Here’s Why Bitcoin Is Bound To Surpass $60K Next Week!