Bitcoin

strong bull

<ul> 
 <li>BTC’s recent dip to $29,005 amid a 19.36% trading volume decline raised caution.</li> 
 <li>Bitcoin volatile pattern: Declines, short squeezes, potential trend shift after retracement.</li> 
</ul> 
Bitcoin, the largest cryptocurrency by market capitalization, is currently causing concern among&nbsp;investors and traders due to its strong bearish momentum. On August 2nd, BTC broke through its downtrend week, reaching the $29,995 mark, and briefly exhibited a bullish moment following an announcement from <a href="https://thenewscrypto.com/crypto-news-could-microstrategy-be-behind-bitcoins-btc-recent-pump/" rel="noopener noreferrer nofollow">MicroStrategy</a>. The company revealed plans to sell up to $750 million in stock to fund Bitcoin purchases. However, the very next day, the bears regained control, pushing the price down to a low of $29,005. 
Despite the historical levels of volatility that BTC has experienced this year, crypto analysts have noticed a recurring pattern in recent weeks: initial declines followed by aggressive short positions, subsequent short squeezes, and <a href="https://thenewscrypto.com/bitcoin-btc-is-inching-closer-to-30k-whats-next/" rel="noopener noreferrer nofollow">potential shifts</a> as spot traders buy post-squeeze. This pattern draws parallels with past halving phases, where initial downtrends eventually led to strong bull runs. With the next halving in less than a year, there’s anticipation that BTC will eventually move away from its current high volatility. 
Investors are currently treading cautiously with BTC, as trading volume has declined by 19.36%, amounting to a valuation of $12,681,667,790 in 24h . 
<h3 class="wp-block-heading" id="h-will-the-btc-bulls-regain-control">Will The BTC Bulls Regain Control?</h3> 
An examination of the daily price chart highlights a dip below the short-term 50-day simple moving average (50 SMA). It is emphasizing the prevailing bearish sentiment. The 50 SMA is currently positioned at $29,341. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large is-resized"> 
 <img decoding="async" src="https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSDT_2023-08-04_12-07-08-1024x487.png" alt="" class="wp-image-80129" width="840" height="399" srcset="https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSDT_2023-08-04_12-07-08-1024x487.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSDT_2023-08-04_12-07-08-300x143.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSDT_2023-08-04_12-07-08-768x365.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSDT_2023-08-04_12-07-08-150x71.png 150w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSDT_2023-08-04_12-07-08.png 1515w" sizes="(max-width: 840px) 100vw, 840px"> 
 <figcaption class="wp-element-caption"> BTC Price Chart, Source: TradingView 
 </figcaption> 
 </figure> 
</div> 
The daily Relative Strength Index (RSI) indicates that BTC has slipped below the neutral zone, registering a value of 45. This signals a potential <a href="https://thenewscrypto.com/bitcoin-btc-price-faces-selling-pressure-whats-next/" rel="noopener noreferrer nofollow">oversold</a> condition. 
If buyers manage to drive the price above this narrow range, the BTC/USDT pair could experience an ascent toward the overhead resistance zone. It is spanning from $31,000 to $32,400. Conversely, a breach below the $28,585 level might trigger a downward movement. Moving toward $27,500 followed by a potential further decline to $26,000. 
Currently, according to CoinMarketCap, the BTC price stands at $29,204, marking a slight increase of 0.35%. 
Will Bitcoin Price reach $30000 before the end of the year? Share your thoughts by tweeting us at @The_NewsCrypto

BTC Continues to Fall, Can Bulls Regain the Momentum?

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