The post Bitcoin price prediction – Recession fears trigger FUD, but is it right time to buy? appeared on BitcoinEthereumNews.com.

Bitcoin saw extra sell pressure on Friday as economic data hammered down on market sentiment BTC might regain some momentum as the price dips into a potential buy zone Bitcoin bears dominated on Friday, sending the market crashing by almost 6%. The top cryptocurrency has been on a downtrend for a while now, with multiple economic reports affecting its performance over the last few weeks. Bitcoin’s bearish outburst on Friday was in response to weak unemployment data. The numbers came in higher than anticipated, with the overall unemployment rate in the United States rising to 4.3%. Consequently, the news triggered recession fears, leading to a bearish investor sentiment for BTC and the rest of the market. Is Bitcoin ready to push back up? Bitcoin has so far dropped roughly 13% from its highest price on Monday, courtesy of this recent bearish extension. As a result, it entered an important potential buy zone, one that we highlighted previously. Our analysis placed the next potential buy zone between $61,870 and $59,917. This was based on Fibonacci retracement from its July lows to its highest recent levels. Source: TradingView At the time of writing, BTC was valued at $61,727, indicating a surge in buying pressure at recent discounted levels. This was within the aforementioned Fibonacci retracement zone too. This can also be interpreted as a signal that the sell pressure has slowed down. Hence, the question – Will it be enough to sustain a sizeable uptrend now? Bitcoin whales on the move BTC’s ownership stats revealed that whales have been actively moving funds in and out of their wallets. Whale inflows peaked at 99,000 BTC on 30 July. Inflows also showed positive growth from 391.8 BTC on 1 August to 13,490 BTC during yesterday’s session. This may be a sign that whales accumulated…

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Filed under: News - @ August 4, 2024 10:26 am