Selling might build up, and BTC could target below $25,000 if this scenario plays out
, selling might build up, and BTC could target below $25,000, possibly as low as $24,756. A rally above $26,399 would suggest that the advantage has shifted in favor of buyers. This might spark an increase to $27,695 and, finally, to $28,142.However, the daily RSI flattening below the neutral threshold of 50 may indicate that both bulls and bears are skeptical about the upcoming move, with the bears holding a slight advantage.
Thus, it might be necessary to watch for a break above $26,399 or a dip below $24,756 to adjudge BTC's next move.On Monday, the whole cryptocurrency market was trading down as Bitcoin's weakness drove other altcoins lower, with many touching multiweek lows. This shows that the broader crypto market is firmly under bearish control.
Increased volatility might be implied as traders anticipate the release of key inflation figures later this week., the United States will release August CPI and PPI numbers this week, while the European Central Bank will announce its interest rate decision. Year-on-year inflation is forecast to rise from 3.2% to 3.4%, while core inflation is expected to dip from 4.7% to 4.5%.
Nonetheless, despite the dismal Bitcoin price action, the BTC network has seen some headway. According to IntoTheBlock, Bitcoin registered the largest number of new daily addresses since 2017 over the weekend, the second largest in its history.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
California closes in on $25 health care wageAn emerging compromise could also yield a truce in the state's kidney dialysis wars.
Read more »
The cheapest air fryer deal available today is just $25The Mainstays 2.2-quart compact air fryer, which is already pretty cheap at its original price of $30, is now even more affordable from Walmart for just $25.
Read more »
Joe Biden bucks tradition, bets big on early swing-state advertisingA $25 million buy is bigger and earlier than the Obama and Trump reelection strategies.
Read more »
Bitcoin: Intriguing Trend Spurs Daily 527,000 New BTC AddressesBitcoin sets yearly high in daily new address count
Read more »
Bitcoin Spark (BTC) and These Cryptocurrencies Poised to Benefit From Coinbase's Institutional Lending ServiceCoinbase, the leading digital currency exchange, has rolled out lending services to its prime institutional investors. The organization suggests that the
Read more »
Bitcoin UTXOs echoing March 2020 'black swan' crash — New researchBitcoin is back in March 2020 mode, one BTC price on-chain metric shows.
Read more »