Bitcoin's price is striving to exceed the crucial support/resistance level of around $62k since the market crash on August 5. Additionally, Bitcoin's fear and greed index dropped from 39% on Thursday to 34% on Friday, as the price retraced below $61k.
Current Bitcoin Price Analysis
Bitcoin's price has been struggling to break above the crucial support/resistance level around $62k following the market crash on August 5. Investors continue to worry about potential further market declines in the coming weeks, possibly extending into September.
Role of Long-Term Holders
According to on-chain data analysis by Glassnode, long-term holders have recorded a net realized profit/loss of about $138 million, down from over $900 million in the past few weeks. Nevertheless, long-term Bitcoin holders have been accumulating more coins in anticipation of the next bullish wave. For example, BlackRock's IBIT has led other US-based spot Bitcoin ETFs in accumulating over $280 million worth of coins in the past two weeks.
Opportunities for New Growth
According to a report by Matrixport, the upcoming macroeconomic shift is poised to trigger the next big rally for Bitcoin. Key financial market indicators such as gold, oil, treasury yields, and the U.S. dollar are at critical support levels, suggesting that significant macroeconomic changes might be underway. This shift is expected to become apparent over the coming months.
Upcoming macroeconomic changes, the U.S. elections, and potential interest rate cuts could prompt the next Bitcoin market rally. Meanwhile, the post-halving bull cycle for Bitcoin is already halfway through, with about 250 days left to peak.
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