The post Crypto Price Analysis 8-23 BTC, ETH, SOL, DOGE, ADA, DOT, WIF appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) has held firm above $60,000, although its price has not seen much movement. The asset is trading around the $60,700 price level. The crypto market cap currently stands at $2.15 trillion, an increase of 0.72% over the past 24 hours.  While BTC has gained around 21% since dipping below $50,000 on August 5, it has struggled to stay above $60,000. BTC’s sluggishness could be blamed on investors looking to balance risk, who have pivoted to bonds and stocks as Bitcoin futures registered a dip.  Bitcoin (BTC) Still Sluggish  Bitcoin is facing several conflicting trends, resulting in low investor interest. Macroeconomic indicators suggest traders are moving towards safer investments, such as stocks, and shifting away from cash positions for the moment. The stock market gains have coincided with a decline in US Treasury yields, indicating strong demand for traditionally safe assets. Investors are willing to settle for lower returns on fixed-income assets. However, Bitcoin derivatives metrics are displaying resilience and an upside potential.  Is A Parabolic Rally On The Cards? 2024 has been mixed for Bitcoin (BTC), with several crucial events taking place. These include the launch of spot Bitcoin ETFs and the halving event. Unlike previous halving events, this time, BTC hit a new all-time high before the halving event. Almost four months after the halving, BTC has yet to hit its pre-halving all-time high. On the contrary, BTC has lost 13% over the past month. This has brought Q4 into focus, with analysts wondering if BTC could see a rally in this quarter.  Coinglass data shows that BTC has always had positive returns in Q4 during halving years. The cryptocurrency recorded gains of 58% in 2016 and 168% in 2020. BTC also posted positive returns in 8 out of 11 years between 2013 and 2023, with average…

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Filed under: News - @ August 23, 2024 1:21 pm