Bitcoin (BTC) remained stagnant around the $26,000 mark despite being heavily oversold, leading to concerns about a potential lower low and a decline to sub $20,000 levels, although some analysts are hopeful for a V-shaped recovery and a return to focus on $26,500.
Cryptocurrencies, including Bitcoin and Ethereum, experienced a rise in value as investors anticipated the Federal Reserve's annual meeting and Bitcoin attempted to reach $30,000.
Bitcoin has made a significant move upwards, approaching $27,000 after days of stagnation, although other cryptocurrencies such as SOL, ADA, TON, and MKR have outperformed it.
Head of Research at FS Insight, Tom Lee, predicts that Bitcoin's network value and scarcity could push its price over $200,000, while other experts, including Ark Invest CEO Cathie Wood, also foresee significant growth for the cryptocurrency. Lee highlights Bitcoin's resilience and regulatory scrutiny as well as interest from traditional financial giants such as BlackRock and Citadel.
### Summary
Binance introduces Binance Pay in Brazil, facilitating the adoption of major cryptocurrencies like XRP, Shiba Inu, and Bitcoin; Ripple executives Brad Garlinghouse and Chris Larsen provide trial availability for 2024; Shiba Inu hits a new adoption milestone with an increase in SHIB holders.
Bitcoin is predicted to reach a price of $148,000 after the next halving in April 2024, according to Pantera Capital, which manages $3.5 billion worth of assets, and notes that recent events such as the XRP ruling and endorsements by BlackRock are likely to contribute to the next bull market for digital assets.
Binance experienced a rapid withdrawal of $150 million worth of Bitcoin in one minute, indicating potential factors such as security, investment strategy, or preparation for a major transaction, while also raising speculation about market moves and potential illicit activities.
Bloomberg Intelligence's senior macro strategist predicts a near-term bearish trend for Bitcoin, citing its failure to exhibit strength in a deflationary environment, but anticipates that it will eventually reach $100,000.
A surge in global interest in acquiring Bitcoin has been observed, with Nigeria leading the way, as investors anticipate a potential rally driven by upcoming events in the crypto sphere and the approval possibility of the inaugural spot Bitcoin exchange-traded fund (ETF) by the SEC. Bitcoin's evolving role as a possible store of value is reflected in low exchange-held supplies, while technical analysis suggests a bearish sentiment but a potential reach of $26,500 and the $30,000 milestone.
Bitcoin briefly dipped below $26,000 after US Federal Reserve Chair Jerome Powell hinted at the possibility of raising interest rates again, but has since rebounded to over $26,000.
Bitcoin (BTC) remained relatively unchanged this week with a price of around $26,000, while the crypto market saw developments such as increased Bitcoin mining difficulty, negative reports on Binance, and the integration of USD Coin (USDC) on multiple blockchains. Additionally, there were updates on regulations, legal matters, crimes, and NFTs.
Bitcoin's recent surge in value may be attributed to a $10 billion investment by whales, Robinhood's involvement in a $3 billion Bitcoin purchase, and JPMorgan analysts predicting an end to the crypto bear market.
Bitcoin and Ether remain stable as cryptocurrency investor sentiment remains cautious, although JPMorgan analysts report a slowdown in downward price momentum, and the Forkast 500 NFT Index gains after a surge in sales of Donald Trump's signature NFT collection following his arrest.
Bitcoin and other cryptocurrencies are experiencing a decline, with Bitcoin falling below $26,000, as traders remain cautious following Federal Reserve Chairman Jerome Powell's speech.
Investing platform Robinhood holds over $3 billion in bitcoin in a single wallet, making it the third-largest bitcoin holder, behind Binance and Bitfinex.
Bitcoin (BTC) is holding steady above $27,000, buoyed by the 200-day exponential moving average (EMA), indicating a potential bottoming out and bullish price action despite bearish market predictions.
Crypto analyst Benjamin Cowen believes that Bitcoin is likely to follow its historical bearish price action seen in pre-halving years and predicts that the cryptocurrency will remain within a range of $12,000 to $35,000 for the rest of 2023.
Bitcoin, the first leading cryptocurrency, has been the top-performing asset over the past decade and offers a hedge against inflation and potential diversification benefits for portfolios.
Bitcoin (BTC) is expected to retest long-term support at around $23,000, as on-chain data suggests that current levels may not hold the market up for long.
Hundreds of millions of dollars worth of crypto assets have been liquidated as Bitcoin's price falls below $26,000, with the majority of the liquidations coming from exchanges such as OKX, Binance, and ByBit.
Bitcoin (BTC) closed the week below $26,000, with traders closely monitoring the $25,900 level as a potential support zone to determine future price movements. There is a possibility of Bitcoin entering a bearish scenario with sub-$20,000 levels, but a bullish revival above $26,000 is considered less likely.
Bitcoin remains in a tight range between $25,800 and $26,000 after a recent price spike, as the SEC's delay in key ETF decisions dampens hopes of a long-term recovery in the market.
Deep-pocketed Bitcoin holders have accumulated over $1 billion worth of BTC in the last two weeks, while the number of investors holding at least 10 BTC has reached a three-year high; the growth in market caps of the top six stablecoins suggests a potential reversal in the crypto market.
Crypto analyst 'Sunnydecree' highlighted the paradoxical behavior of people being hesitant to buy Bitcoin at $26,000, despite major asset managers like BlackRock seeking to enter the crypto space and the potential for future price increases.
Bitcoin (BTC) has remained stagnant below $26,000, with investors waiting for further developments in the cryptocurrency market and the wider economy, while Ether (ETH) is expected to outperform BTC in September and October due to the potential approval of the first ether ETF in mid-October. Additionally, SOMA Finance plans to sell tokens that represent a financial interest, addressing the criticism that crypto tokens lack equity or debt claims. Binance continues to dominate the crypto market as the leading exchange.
Bitcoin is predicted to reach $22,000 due to worsening investor sentiment and the impact of lawsuits against Binance and Coinbase, while BitMEX co-founder Arthur Hayes claims the bull market began in March.
Aggregate crypto spot and derivatives trading volume declined by 11.5% to $2.09 trillion in August, with low spot-trading volume and fluctuations in derivatives open interest indicating a speculation-driven market, while Binance maintained its top position despite a decrease in market share.
Despite the recent downturn in the crypto market, a key Bitcoin metric shows that 95% of the existing supply of Bitcoin has not moved in the past 30 days, indicating strong holding behavior and potential for a price rally with a buy-side catalyst.
Despite Visa's announcement and warnings from Binance's CEO, major cryptocurrencies such as Bitcoin and Ethereum are struggling in a bearish trend while a top Federal Reserve official expresses deep concern over the $120 billion stablecoin market.
Bitcoin is on the brink of a bearish breakdown, but there is a possibility that the $25,000 support level could hold, presenting a short-term buying opportunity for investors. The price action of the US dollar and on-chain data suggest that buyers could return soon, making the current situation potentially profitable for opening Bitcoin longs.
Bitcoin trades at $25,933, up 0.66% as U.S. CPI data is anticipated to show a small increase in August, driven by rising oil prices, while digital assets remain stable due to short covering and liquidity crunch, although a sustained bullish momentum is yet to be seen; meanwhile, the price of CRV token falls by 3.3% following negative events and selling pressure.
The price of bitcoin remains steady above $26,000 as FTX receives approval to sell its crypto assets and U.S. inflation data exceeds expectations.
Bitcoin is showing strength and could reach $28,000 despite negative news, according to Altcoin Sherpa, a popular crypto trader, while cautioning about the downward trend of Ethereum rival Solana.
Bitcoin stabilizes around $26,500 as it prepares for the upcoming FOMC meeting, with traders expecting the cryptocurrency to continue trading within the $25,000-$27,000 range in the short term.
Bitcoin is expected to experience a significant increase in value and reach a fair value of $100,000, driven by institutional capital inflows and the approval of Bitcoin ETFs, according to Mark Yusko, founder of Morgan Creek Capital.
Bitcoin trading volumes on Binance, the world's largest crypto exchange, have plummeted by 57% amid lawsuits and regulatory scrutiny, while competitor Coinbase has seen a 9% increase in volumes over the same period.
Bitcoin holds above $27,000 as U.S. rates traders predict that the Federal Reserve will maintain borrowing costs, Solana's SOL and ether experience slight gains, FTX sues founder's parents for fraudulent transfers and misappropriated funds, and a new $60 million fund called Oak Grove Ventures focuses on Web3, AI, and biotech.
Crypto strategist Benjamin Cowen predicts that Bitcoin will experience a short-term rise to test its bull market support band before resuming its downward trend, potentially falling below $20,000, although he believes it could eventually break through the band and enter a sustained bull market.
MicroStrategy's Executive Chairman Michael Saylor predicts that Bitcoin will reach $5 million per coin due to the approval of a spot bitcoin ETF, fair value accounting for bitcoin holdings, and increased prevalence of bank custody and collateralized lending.
Binance's staked ether token, BETH, saw a significant increase in deposits, raising the total value locked to $731 million, despite regulatory uncertainty and competition from other platforms offering higher yields.
The volatility in Bitcoin remains low, similar to the stability in US stock and bond markets, and is expected to continue after the Federal Reserve rate decision.
The filing from FTX's bankruptcy estate reveals that Sam Bankman-Fried's father, Joe Bankman, was paid a $200,000 salary by FTX's US division but expected to receive $1 million annually.
Binance's Bitcoin trading volumes have decreased significantly due to lawsuits and regulatory scrutiny, while Coinbase's volumes have increased.
TON coin has replaced Solana's SOL token as the 10th largest cryptocurrency by market capitalization.
Bitcoin's performance historically strengthens in the final quarter of the year, with an average return of over 35%, and it could potentially reach $37,000 by year-end, according to Matrixport's report.
The ongoing legal battle between Binance and the SEC has taken a surprising turn as the SEC's request for access to Binance.US's systems was rejected, resulting in a temporary surge in Bitcoin price and a potential window of three weeks for Bitcoin bulls.
Crypto strategist Credible Crypto suggests that Bitcoin could dip to around $24,900 but still remain on track for a bull market cycle, and he is closely monitoring Bitcoin options open interest as an indicator for the market bottom.
