Bitcoin Downward Trend: Analyst Warns of More Losses for August
Bitcoin's Declining Position
Bitcoin's August outlook appears negative as an expert analyst warns of further declines. The cryptocurrency experienced a recovery from recent lows but remains under significant pressure, possibly heading toward sub-$54,000.
Key Support Levels Tested
Analyst Ben Walther highlighted critical support around $58,000, which was breached, painting a concerning picture for BTC's valuation. This vulnerability suggests traders should be cautious with their positions.
Chart Indicators Signal Trouble
- Descending Broadening Wedge indicating potential for further declines.
- Increasing sell-side volume suggests heightened interest in lower prices.
- Risk of a bull trap above $60,000.
Volatility is expected to increase as traders closely monitor Bitcoin's movements. Further drops could lead to local market bottoms, challenging investor sentiment.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.