Bitcoin

Resistance

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-fluctuates-and-faces-resistance/" data-wpel-link="internal">Bitcoin Price Fluctuates and Faces Resistance</a> 
<a href="https://en.coin-turk.com/spain-regulates-blockchain-and-cryptocurrencies/" data-wpel-link="internal">BTC</a> price fluctuated between $59,113 and $60,284 in the last 24 hours, quickly erasing gains. The price failed to maintain above $60,000, forming long upper wicks during upward attempts. This indicates that <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> are quickly seizing short-term profit opportunities. 
<h2 style="text-align: justify" id="bitcoin-btc">Bitcoin (BTC)</h2> 
The total value of cryptocurrencies stands at $2.18 trillion, and according to IntoTheBlock data, BTC dominance hovers at 53%. The total supply of stablecoins has reached a significant level of $173.46 billion, but due to a prolonged lack of demand, investors have not seen higher prices. 
Since May 21, BTC has not reached the $71,500 threshold. Accelerated sales on July 29 broke the price below the $70,000 threshold, and it has not returned to its previous level for 21 days. BTC, which is 15% below its local peak, has been moving between $62,000 and $56,000 for 11 days. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-380896 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-18_22-55-39.png" alt="" width="1815" height="836"> 
The turnaround from the local peak took 40 and 52 days in the previous two major moves. BTC has been at lower levels for 21 days following the last drop, so there is a risk that this could continue for 20-32 days. Unless investors see a daily close above $62,500, this nightmare is likely to continue for a few more weeks according to <a href="https://newslinker.co/can-artificial-intelligence-achieve-consciousness/" target="_blank" rel="noopener" data-wpel-link="exclude">recent data</a>. 
<h2 style="text-align: justify" id="bitcoin-on-chain">Bitcoin On-Chain</h2> 
First, let’s look at the percentage of investors in profit in the chart below. This metric is successful in determining price peaks and troughs. We see that the loss ratio has fallen below the level during the July crash. This is the lowest level since the beginning of 2024. Thus, according to historical data, the potential for a rebound from the bottom is increasing. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-380897 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/Bitcoin-Holders-in-Profit-18.08.2024-23_00_17.png" alt="" width="1780" height="582"> 
The market value to realized value ratio (MVRV) is also repeating its July low. Slightly lower levels were seen only at the beginning of 2024. The second indicator also suggests that the BTC price needs to recover somehow. As we see in the chart, the bull has not approached previous bull peaks, and the MVRV’s stable growth period is very short in this cycle. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-380898 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/Market-Value-to-Realized-Value-Ratio-18.08.2024-23_07_24.png" alt="" width="1780" height="582"> 
Finally, miner reserves returned to 1.91 million after hitting a local peak on July 30 but have been recovering from the local bottom in the past few days. This means miners are also returning to accumulation. 
<img loading="lazy" decoding="async" loading="lazy" class="size-full wp-image-380899 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/ITB_btc_miner_reserves_undefined_2024-08-18T20_09_03.621Z.png" alt="" width="1200" height="800"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-fluctuates-and-faces-resistance/" data-wpel-link="internal">Bitcoin Price Fluctuates and Faces Resistance</a></h5>
The post <a href="https://en.coin-turk.com/bitcoin-price-fluctuates-and-faces-resistance/" data-wpel-link="internal">Bitcoin Price Fluctuates and Faces Resistance</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Price Fluctuates and Faces Resistance

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