search
Homeweb3.0BTC Price Action May Set the Path of Action for the Upcoming Weekend
BTC Price Action May Set the Path of Action for the Upcoming WeekendSep 05, 2024 pm 03:29 PM
bitcoin Lower High Corrective Wave

The BTC price experienced a notable pullback regardless of the strong bullish activity during the previous trading day

BTC Price Action May Set the Path of Action for the Upcoming Weekend

Despite experiencing a strong bullish rally during the previous trading day, the BTC price encountered a notable pullback. While the token remained under bearish influence, any rebound was anticipated to result in a lower high. Due to the market dynamics working against them, Bitcoin bulls faced difficulties in sustaining the rally above the gains, leading to concerns about the BTC price continuing its steep descending trend despite the interim bullish spell.

The recent rebound from levels around $57,000 to above $59,000 generated a bullish wave in the markets. However, from a broader perspective, the BTC price remained within a bearish trend, requiring significant power to break out. During the previous day's trade, the bulls exhibited strength by preventing the price from closing below $56,000. The large wick indicated the potential for a bullish continuation, but the bearish start to the day initially countered the possibility of an ascending trend.

With the bearish action expected to prevail for some time, could the BTC price plunge back below $55,000? But what went wrong? Why is Bitcoin’s (BTC) price falling?

The confidence of the retail traders shakes when the whales display their unwillingness to hold BTC. In a recent update, huge whale movements were detected, raising suspicions about the next price action. According to data from Lookonchain, nearly 4000 BTC flowed out of Fidelity custody wallets.

In recent times, the whales have been rotating their assets around the space frequently, increasing the volatility of the tokens. While the possibility of a massive dump by countries haunted the rally, there was also the likelihood of them simply moving their assets around, causing FUD among retail traders. As a result, the BTC price remained stuck within a range, presenting both the potential for a bullish continuation and a bearish pullback.

During the previous trading day, the BTC price tested one of the crucial price zones around $56,200 and failed to hold, marking the daily lows around $55,600. Although the bulls pushed the prices higher, the price was expected to drop back below $56,500 soon. With increasing bearish possibilities, lower targets were activated. However, if the bulls managed to hold $56,200, they were expected to regain their dominance; otherwise, a drop below $52,000 was on the horizon.

Therefore, the next few hours were considered critical for the Bitcoin (BTC) price rally, which would determine the next course of action for the upcoming weekend.

The above is the detailed content of BTC Price Action May Set the Path of Action for the Upcoming Weekend. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Senators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsSenators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsJul 27, 2024 pm 12:58 PM

Senator Cynthia Lummis took the stage to speak at the Bitcoin 2024 conference along with Senator Tim Scott, on Friday, discussing cryptocurrency and their vision for its role in the U.S. financial system.

Bitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansBitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansJul 27, 2024 am 12:07 AM

On-chain data shows the Binance exchange has received large net Bitcoin inflows during the past day, indicating that BTC's decline may extend further.

Bitcoin (BTC) – America’s Key To Economic Supremacy?Bitcoin (BTC) – America’s Key To Economic Supremacy?Jul 26, 2024 pm 09:15 PM

In the ongoing global economic and geopolitical rivalry, the United States may have a powerful new weapon – Bitcoin (BTC). That is the argument made by Sam Lyman

Hackers recover $3 million in bitcoin from software wallet locked for over a decadeHackers recover $3 million in bitcoin from software wallet locked for over a decadeJun 14, 2024 am 09:57 AM

JoeGrand-anethicalhackerandYouTuberwhoiswidelyknownforhisprojectsinvolvingcryptowallets,hassuccessfullyrecoveredalife-changingamountofbitcoin,presentlyvaluednorthof$3millionfromasoftwarewalletthathasbeenlockedformo

US Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketUS Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketJul 27, 2024 am 06:35 AM

Financial experts are warning of an impending peak in US stocks. This may also lead Bitcoin to rise. According to Arthur Budaghyan, an analyst at BCA Research, the US stock market

Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Jul 27, 2024 am 07:11 AM

Cryptocurrencies, commodities, and stocks are among the most popular risk assets for investment and trade, also leading finance indicators.

Bitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyBitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyJul 25, 2024 pm 02:53 PM

Powered by the Unbound Fund, this initiative uses Bitcoin as a key to open up Portuguese citizenship via the country's golden visa program.

Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Jul 26, 2024 am 11:26 AM

Crypto analyst Mikybull Crypto has revealed the return of a technical indicator that represents a buy signal for Bitcoin. Based on his predictions, the

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

Hot Tools

EditPlus Chinese cracked version

EditPlus Chinese cracked version

Small size, syntax highlighting, does not support code prompt function

SublimeText3 Linux new version

SublimeText3 Linux new version

SublimeText3 Linux latest version

ZendStudio 13.5.1 Mac

ZendStudio 13.5.1 Mac

Powerful PHP integrated development environment

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 English version

SublimeText3 English version

Recommended: Win version, supports code prompts!