Crypto Market: Why Bitcoin Price is Down Today? What Next For BTC Price?
The post Crypto Market: Why Bitcoin Price is Down Today? What Next For BTC Price? appeared first on Coinpedia Fintech News
In the past 24 hours, Bitcoin (BTC) has experienced a decline of approximately 4.2 percent, with its price now hovering around $26,000 in the early Asian market on Friday. While crypto traders celebrated a positive ruling regarding Uniswap in the United States, Bitcoin bears have gained the upper hand, erasing the gains achieved following Grayscale Investments’ recent victory against the US SEC.
According to the latest market data from TradingView and Coingecko, the overall cryptocurrency market valuation has decreased by approximately 3 percent within the last day. Notably, Bitcoin maintains a market dominance of around 49.25 percent.
What Next For Bitcoin Price?
Crucial area for #Bitcoin to hold, with ETF approval/delay coming up!
Bitcoin has seen a pump to $28,000, but starts to consolidate since.
Reasoning; people want to sell into every pump as they expect the price to continue lower.
Until it doesn’t. What’s next? Let’s see. … pic.twitter.com/9eZaR6BT9R
— Michaël van de Poppe (@CryptoMichNL) August 31, 2023
Renowned crypto analyst Michaël van de Poppe has conducted a Bitcoin price analysis predicting heightened volatility in the upcoming days, particularly today and throughout the weekend. Poppe attributes this expected volatility to impactful news events, including the release of the U.S. unemployment rate, U.S. non-farm employment change, U.S. average hourly earnings, and Canadian GDP MoM data.
With Bitcoin’s price having breached a crucial support zone situated between $26,500 and $26,800, Poppe anticipates that bears will likely continue to drive prices lower in the days ahead.
In light of this, the prominent crypto analyst, boasting a substantial following of over 665,000 on the X platform, has emphasized that the confirmation of further short positions could be established at $25,769, with a potential downward target of $24,500.
Consequently, Poppe advises his followers to closely monitor support and resistance levels around $24,500 for potential long-entry opportunities.
Filed under: Bitcoin - @ September 1, 2023 6:21 am