Bitcoin

Rekt

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-strives-for-60000-after-market-drop" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Strives for $60,000 After Market Drop</a><br></p>
<p style="text-align: justify">Bitcoin’s market aimed for the $60,000 mark once more on August 29 following a fresh wave of sudden sales. TradingView <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> indicated Bitcoin’s price action touched a two-week low of $57,900 on Bitstamp before making a comeback. The BTC/USD pair faced downward pressure the previous day, with market participants pointing to spot sales on the global exchange <a href="https://en.bitcoinhaber.net/binance-reinforces-compliance-and-welcomes-new-ceo-to-navigate-future-challenges" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> as the cause of the weakness.</p>
<h2 id="what-s-the-situation-with-bitcoin">What’s the Situation with Bitcoin?</h2>
<p style="text-align: justify">Binance became embroiled in debates regarding user funds in Palestine, which coincided with a noticeable increase in sales during US trading hours. Blockchain analytics platform CoinGlass reported a sharp decrease of 45,000 Bitcoins in Binance’s Bitcoin reserves.</p>
<p style="text-align: justify">Michael van de Poppe, the founder and CEO of MNTrading, forecasted a drop to $56,000 and emphasized the importance of the $61,000 level on lower time frames.</p>
<h2 id="can-large-investors-influence-the-market">Can Large Investors Influence the Market?</h2>
<p style="text-align: justify">Positive signals emerged from large-volume <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>. Blockchain analytics platform Lookonchain identified a whale purchase amounting to roughly $60 million. According to Santiment, purchasing near the $59,000 mark was already appealing for whale and shark holding groups. They noted that wallets holding 10-10,000 Bitcoins had accumulated over 133,300 tokens in the past month, while smaller investors continued to sell.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<ul>
 <li>Monitor the $61,000 level closely as it serves as a critical support area.</li>
 <li>Large investors are still acquiring Bitcoin, indicating sustained interest from whales.</li>
 <li>Short-term volatility could present buying opportunities at lower price points.</li>
</ul>
<h2 id="famous-analyst-weighs-in">Famous Analyst Weighs In</h2>
<p style="text-align: justify">Prominent investor and analyst Rekt Capital noted that the BTC/USD pair maintained a weekly consolidation pattern within a narrowing wedge, suggesting a potential breakout. The analyst highlighted that Bitcoin had developed a higher low and remained above the weekly level of $55,737, forming a base at an even higher weekly level of $58,000, which is now being retested.</p>
<p style="text-align: justify">In summary, Bitcoin’s market is showing signs of recovery after a significant dip, driven by sales on Binance. With large investors continuing to buy and analysts predicting potential breakouts, the cryptocurrency may soon reclaim the $60,000 level.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-strives-for-60000-after-market-drop" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Strives for $60,000 After Market Drop</a></h5>

Bitcoin Strives for $60,000 After Market Drop

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