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<p class="is-style-lead">Bitcoin price has moved sideways this week even as American stocks continued their post-Black Monday crash rally.&nbsp;</p> 
<p>Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>), the biggest cryptocurrency in the industry, has been stuck in a narrow range between $58,000 and $60,000 this week.</p> 
<h2 class="wp-block-heading" id="bitcoin-has-had-positive-headlines">Bitcoin has had positive headlines</h2> 
<p>In contrast, the Dow Jones index has risen for three consecutive days and is just 2.5% below its all-time high. The Nasdaq 100 and S&amp;P 500 indices have also recovered, while the US dollar index has retreated.</p> 
<p>Bitcoin has remained stagnant even as more large American companies disclosed their Bitcoin ETF investments in their filings. <a href="https://crypto.news/goldman-sachs-reveals-418m-bet-on-bitcoin-etfs/" target="_blank" rel="noreferrer noopener">Goldman Sachs revealed</a> that it had $418 million invested in Bitcoin ETFs. Other companies like Charles Schwab, Nomura, Citigroup, and Barclays have also invested in these funds.</p> 
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   <p lang="en" dir="ltr">Guess what these entities all have in common?<br><br>Royal Bank of Canada<br>Charles Schwab<br>Nomura<br>Barclays<br>Wisconsin Pension Fund<br>Soros Capital Management <br>Bank of Montreal<br>Citigroup<br><br>They all own <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Bitcoin</a> proxies of Q2 2024</p>— James Van Straten (@jvs_btc) <a href="https://twitter.com/jvs_btc/status/1824054272943595991?ref_src=twsrc%5Etfw" target="_blank" rel="">August 15, 2024</a>
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<p>At the same time, the crypto industry is gaining some regulatory clarity. On Aug. 14, Charles Schumer, the Senate Majority Leader, stated that he was committed to passing a crypto-related bill by the end of the year. He made the statement in a forum where Democrats expressed their support for the industry.</p> 
<p>Still, it is unclear whether the divided Congress will pass anything before the November election. Schumer would need 60 votes for the crypto bill to pass, which has become difficult in recent years.</p> 
<p>Additionally, Marathon Digital, one of the top Bitcoin mining companies, has continued to accumulate Bitcoin holdings. It bought coins worth over $250 million this week, bringing its <a href="https://bitcointreasuries.net/entities/marathon" target="_blank" rel="">total holdings to 25,000</a>.</p> 
<p>Most importantly, there are signs that the Federal Reserve will start cutting interest rates now that the unemployment rate has risen to 4.3% and <a href="https://crypto.news/yen-carry-trade-what-could-this-mean-for-bitcoin/" target="_blank" rel="noreferrer noopener">inflation is falling</a>.</p> 
<h2 class="wp-block-heading" id="bitcoin-price-could-stage-a-comeback">Bitcoin price could stage a comeback</h2> 
<p>In an X post, Miles Deutscher, a popular crypto analyst with over 534,000 followers, noted that Bitcoin was getting boring and that it was entering the apathy/time capitulation phase. He observed that the number of crypto-related views on YouTube had dropped by 30% in the past two weeks and that trading volume had fallen by 21%.</p> 
<p>Data by <a href="https://defillama.com/dexs/chains" target="_blank" rel="">DeFi Llama shows</a> that DEX volume in chains like Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>), Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>), and Arbitrum (<a href="https://crypto.news/price/arbitrum/" target="_blank" rel="noreferrer noopener">ARB</a>) has fallen by over 33% in the last 7 days. Miles <a href="https://x.com/milesdeutscher/status/1823690782689087912" target="_blank" rel="">believes</a> that this would be the best time to accumulate.</p> 
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   <p lang="en" dir="ltr">This feels eerily similar to August-October last year.<br><br>• Retail interest is evaporating fast (YT views have fallen off a cliff over the past week)<br>• Apathy amongst existing market participants<br>• Lack of clear narratives<br><br>(and the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Bitcoin</a> price action looks identical too) <a href="https://t.co/Y37iDoeSOl" target="_blank" rel="">pic.twitter.com/Y37iDoeSOl</a></p>— Miles Deutscher (@milesdeutscher) <a href="https://twitter.com/milesdeutscher/status/1823620205861351549?ref_src=twsrc%5Etfw" target="_blank" rel="">August 14, 2024</a>
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  Bitcoin price chart | Source: <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE" target="_blank" rel="">TradingView</a>
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<p>Technically, Bitcoin is hovering at the 200-day Exponential Moving Average while the accumulation/distribution indicator is in an uptrend, signaling that accumulation is ongoing.</p> 
<p>Most importantly, BTC has formed a bullish flag chart pattern, characterized by a vertical line and a rectangle pattern. Therefore, there is a likelihood that the coin will bounce back if bulls push it above the resistance point at $62,513.</p>

Bitcoin stuck in apathy phase, but big moves are coming: analyst

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