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bullish

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-stagnates-at-62000/" data-wpel-link="internal">Bitcoin Price Stagnates at $62,000</a> 
Bitcoin (BTC) price lingers at $62,000, with the daily low recently seen at $61,473. The situation has become quite familiar for altcoins. Will the expected rise in cryptocurrency markets begin? Some cryptocurrencies have not experienced alarming declines, indicating that the recent BTC sell-offs might be different this time. There’s more to it. 
<h2 style="text-align: justify" id="will-cryptocurrencies-rise">Will Cryptocurrencies Rise?</h2> 
Recent exchange <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> suggests that the latest fluctuation in Bitcoin price might have initiated a rebound from the bottom. Although demand remains weak at high levels, the proportion of those buying the dip is increasing. According to CryptoQuant data, August 27 saw the third-largest net outflow from exchanges. This recent supply increase is encouraging. 
On July 5 and 16, there were outflows of 52,000 and 68,500 BTC, respectively. The third-largest outflow was 45,000 BTC. Amr Taha addressed this issue in his latest market assessment. 
<blockquote> 
 “Large negative net flows typically indicate that <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> are transferring their Bitcoins off exchanges to potentially hold them long-term, thereby potentially reducing selling pressure in the market, which usually signals a bullish trend.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class=" wp-image-383675 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/BTC-borsa-cikislari-.png" alt="" width="1250" height="693"> 
On January 1, 2024, the total amount of BTC on exchanges was around 3 million 11 thousand, but today it has dropped to 2.633 million. A 12.5% annual decrease in exchange supply is extremely positive. 
<h2 style="text-align: justify" id="btc-price-prediction">BTC Price Prediction</h2> 
Despite positive on-chain signals, the short-term BTC price outlook is not very promising. Struggling to surpass even $65,000, the price has weakened significantly amid sales from <a href="https://en.coin-turk.com/sec-strengthens-case-against-binance-following-4-3-billion-legal-agreement/" data-wpel-link="internal">Binance</a> customers. Although it has increased by around 40% from the August low, Bitcoin now faces a tough challenge. 
The key point to watch is $61,700, and the price is now just above this level. Cryptocurrency analyst Justin Bennett mentions that BTC faces the risk of dropping to $53,000. 
<blockquote> 
 “A clean + failure at $63,300 and a weekly imbalance that could act as a magnet at $53,000. The trigger is $61,700. Let’s see.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class=" wp-image-383674 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/BTC-kac-dolar-olur-.png" alt="" width="1286" height="625"> 
The third-quarter performance is historically the weakest period of the year, and the BTC chart confirms this. If history repeats itself, we may not see a significant rise until the end of September. 
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Bitcoin Price Stagnates at $62,000

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