Bitcoin price has surged by 0.3% in the last 24 hours to trade at $59,242, accompanied by a 26% increase in trading volume to $38.9 billion.
State of Bitcoin ETFs
Bitcoin ETFs marked the ninth day in August with recorded outflows, deviating from the typically positive trend observed in previous months. Among them, Grayscale’s Bitcoin Trust saw the highest outflow of $70.2 million, followed by ARK’s ARKB with $65 million, Bitwise’s BITB with $16.4 million, Fidelity’s FBTC with $12.9 million, and Invesco’s BTCO with $11.1 million. In contrast, BlackRock’s iShares Bitcoin Trust reported no net inflows or outflows on the same day.
Technical Analysis of Bitcoin
Bitcoin is facing bearish pressure within a descending triangle pattern. Currently trading below its 50-day and 200-day simple moving averages (SMA), the market remains bearish. The Relative Strength Index (RSI) stands at 46, below the midline of 50, supporting the bearish trend. The Moving Average Convergence Divergence (MACD) also emphasizes bearish sentiment as the orange signal line is poised to cross above the blue MACD line, signaling a potential drop.
Bitcoin Price Prediction
If Bitcoin breaks below the key double bottom support level near $55,000, it could lead to further downside movement with the next target around $50,000. However, if Bitcoin manages to hold above this support and gains bullish momentum, it could attempt to break above the descending triangle’s upper trend line, potentially pushing the price to the $67,679 zone.
The current state of the Bitcoin market indicates a bearish trend, but both further declines and bullish breakouts are possible depending on key support and resistance levels.
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