Bitcoin Downward Trend: Analyst Warns of More Losses for August

Saturday, 17 August 2024, 16:45

Bitcoin's August prospects look grim as an analyst warns of potential further losses. With rising sell-side volume, a bearish trend could unfold. Detailed insights reveal concerning chart patterns and key support levels, urging caution among investors.
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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.


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