Following the market volatility of the past week, Bitcoin has shown endurance, recovering from the recent drop to $49,000 and reclaiming the $60,000 milestone, which is key to its upward continuation to reclaim the levels lost during the past week. 20% improvement On August 5th.
Despite facing hurdles, the market’s largest cryptocurrency is showing signs of maintaining the macro uptrend that has been prevalent since the start of the year.
‘Golden buying opportunity’
recently Analysis Shedding light on Bitcoin’s price behavior and technical outlook, crypto analyst Doctor Profit shared insights that reveal market sentiment following the recent tumultuous trading week.
Doctor Profit said that major players such as BlackRock and Fidelity showed confidence in the Bitcoin ETF market by maintaining their positions and adding more BTC to their portfolios.
This feeling was further reinforced by stable and healthy people. Inflow ETF activity saw sharp declines and withdrawals, reflecting a lack of aggressive reaction from investors despite last week’s recovery.
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Another key point of attention in Doctor Profit’s analysis was the behavior of whales in the market. These holders accumulated 400,000 BTC within 30 days, which is equivalent to 2% of the total Bitcoin supply.
Notably, these institutions took advantage of the market decline, demonstrating a “smart money” approach by strategically adding to their positions during Monday’s drop.
About this Price Action And in technical analysis, Doctor Profit emphasized the importance of understanding the market range within which Bitcoin fluctuates throughout the year.
The analyst stressed that a drop between $60,000 and $50,000 presents a “golden buying opportunity”, and every drop below this range represents a chance to accumulate assets at favorable prices.
Bitcoin Price Forecast
Looking ahead, Doctor Profit believes that the $69,000-$70,000 diagonal resistance is Bitcoin’s primary target.
Despite the potential challenges posed by the 50-day exponential moving average Looking at the EMA and 200-day moving average (MA) resistances at $60,000 and $62,000, respectively, the analyst has expressed confidence in overcoming these hurdles soon.
However, the analyst also added that a possible brief drop to the $54,000-55,000 zone is seen as a temporary blip that could wipe out weak hands from the market.
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Market activity is expected to increase this week as the release of important economic data such as the Producer Price Index (PPI) and Consumer Price Index (CPI) are expected to increase market activity. instability In the market.
According to Doctor Profit’s analysis, these developments could set the stage for important developments and potentially influence the direction of future interest rate cuts by the US Federal Reserve in September.
Doctor Profit believes that inflation data may exceed expectations, paving the way for an adjustment in interest rates at the upcoming Federal Open Market Committee (FOMC) meeting.
At the time of writing, BTC has briefly lost the $60,000 level, declining by over 1% over the last 24 hours to its current trading price of $59,450.
Featured image via DALL-E, chart via TradingView.com
