Bitcoin (BTC) Price Prediction: Bulls and Bears Battle It Out as the Market Enters the Final Phase of the Quarter
- 王林Original
- 2024-08-30 21:18:18923browse
Bitcoin bulls are fighting the bearish forces as they have been strongly holding the levels above the crucial range
Bitcoin (BTC) price action has been largely bullish over the past month, with the cryptocurrency rallying from lows around $50,000 to highs above $64,000. However, the rally has stalled in recent days, and BTC price is now trading within a narrow range.
Several technical indicators suggest that the bulls may be struggling to maintain the higher levels and that a correction could be on the horizon. The Puell Multiple, an indicator used to gauge sell pressure in the markets, has flattened out after rising sharply earlier in the month. This flattening could indicate that the markets are becoming saturated with sellers, which may put downward pressure on BTC price.
On-chain data also suggests that the markets are heating up as the quarter comes to a close. Profits are expected to be realized to a great extent, which may attract fresh liquidity into the markets. Moreover, a popular indicator is about to turn bullish, which may signal a good time to accumulate before the next wave of buying begins.
Overall, the technical outlook for BTC price is mixed, with some indicators suggesting that the bulls may be losing steam and others indicating that the markets are still bullish. Key levels to watch include $60,500 as resistance and $58,500 as support.
The above is the detailed content of Bitcoin (BTC) Price Prediction: Bulls and Bears Battle It Out as the Market Enters the Final Phase of the Quarter. For more information, please follow other related articles on the PHP Chinese website!