Bitcoin

James

<p>The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/bitcoin-btc-price-faces-weekly-death-cross-will-24k-be-the-new-support-level/">Bitcoin (BTC) Price Faces Weekly Death Cross: Dip to $24k Ahead?</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin (BTC) price</a> has been trading within the range of $25.6k to $26.1k, leading to increased short-term uncertainties. Grayscale Investments’ influence on crypto volatility has waned, notably after the U.S. SEC postponed the approval of several Bitcoin ETFs. </p> 
<p>However, Grayscale Investments’ legal team has urged the SEC to expedite <a href="https://coinpedia.org/news/bitcoin-etf-update-grayscales-open-letter-to-sec-a-catalyst-for-change-or-just-more-waiting/">spot Bitcoin ET</a>F approval, citing a lack of grounds for delay.</p> 
<h2 id="bitcoins-near-term-outlook" data-name="bitcoins-near-term-outlook" class="wp-block-heading">Bitcoin’s Near-Term Outlook</h2> 
<p>Crypto Tony, a prominent digital assets analyst, anticipates a potential dip to $25k for Bitcoin in the near future, followed by a temporary support level and a rebound to $28.5k. Daan Crypto Trades, another well-known digital asset investor and analyst, agrees that Bitcoin is poised for high volatility in the short term, irrespective of current uncertainties.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> / <a href="https://twitter.com/search?q=%24USD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USD</a> – Update<br><br>This roadmap only looks clearer to me as time goes on. Dip to $25,000 –&gt; Spike up to $28,500 then down to $20,000 for the final correction <a href="https://t.co/SiZxM1NCKp">pic.twitter.com/SiZxM1NCKp</a></p>— Crypto Tony (@CryptoTony__) <a href="https://twitter.com/CryptoTony__/status/1699330090205946328?ref_src=twsrc%5Etfw">September 6, 2023</a>
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<p>Read More: <a href="https://coinpedia.org/news/bitcoin-etf-race-changing-course-in-2024-analyst-james-seyffart-bold-forecast/">Bitcoin ETF Approval: SEC’s Position Weakens, 75% Chance in 2023</a></p> 
<h2 id="challenges-ahead" data-name="challenges-ahead" class="wp-block-heading">Challenges Ahead</h2> 
<p>Bitcoin is facing significant pressure due to the occurrence of a weekly death cross between the 50 and 200 <a href="https://coinpedia.org/traders/guide-on-moving-averages-technical-analysis/">Moving Averages (MA)</a>. The past three weeks have seen Bitcoin close below the 200 weekly Moving Average, indicating a potential drop below $24k as the coin seeks to establish robust macro bullish support. </p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> open interest is approaching YTD lows, while OI/MC is back to the channel's lower bound, 1.88%. <br><br>Can see clearly when the speculation started during the Blackrock announcement. <br>Back to a healthy level. <a href="https://t.co/IVc2xHQwrK">pic.twitter.com/IVc2xHQwrK</a></p>— James V. Straten (@jimmyvs24) <a href="https://twitter.com/jimmyvs24/status/1699325786623238406?ref_src=twsrc%5Etfw">September 6, 2023</a>
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<p>Additionally, on-chain analysis by James V. Straten reveals that Bitcoin’s open interest, a metric gauging institutional investor demand, has reached its lowest point this year.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/could-bitcoin-etfs-be-bad-news-for-crypto-exchanges-bloomberg-analyst-thinks-so/">Will Bitcoin ETFs Kill Crypto Exchanges? Bloomberg Analyst Thinks So!</a></p> 
<p><strong>Are you bullish or bearish on Bitcoin? Let us know</strong>.</p>

Bitcoin (BTC) Price Faces Weekly Death Cross: Dip to $24k Ahead?

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