Bitcoin

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-identifies-bitcoin-price-levels-amid-market-decline/" data-wpel-link="internal">Analyst Identifies Bitcoin Price Levels Amid Market Decline</a><br></p>
<p style="text-align: justify">A great question with an answer. Bitcoin price is hovering around the $58,000 mark as of the time of writing. Although it has dipped below $58,000 several times in the last hour, short lower wicks have formed. For now, BTC has not closed below the key support level. However, it has not returned to a safe zone either. Within the risk markets, crypto still diverges negatively.</p> 
<h2 style="text-align: justify" id="who-is-selling-bitcoin">Who is Selling Bitcoin?</h2> 
<p style="text-align: justify">Germany has sold out, Mt Gox has completed most of its returns, and the US government has paused sales for a while. However, BTC still hasn’t recovered. Nightmare days continue for altcoins. SOL Coin price is hovering around $138 with an 8% drop. Among the largest altcoins by market cap, SOL Coin leads the losses.</p> 
<p style="text-align: justify">There is little time left for the August BTC close, and Bitcoin is making a special effort to close this month negatively. If the monthly close occurs at current levels, August’s return will be -12%. SOL Coin has dropped by 25% this month.</p> 
<p style="text-align: justify">So who is selling Bitcoin (BTC)? Miles Deutscher answered this today. While Asian investors maintain their buying positions, US-based sales continue. These sales were triggered by strong sales in <a href="https://en.coin-turk.com/binance-resolves-crypto-withdrawal-issue/" data-wpel-link="internal">Binance</a> spot pairs when the US was in a buying position after the last $65,000 attempt. During Asian trading hours, Bitcoin’s cumulative return was 5%, while the US saw a negative return.</p> 
<figure id="attachment_384494" aria-describedby="caption-attachment-384494" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" loading="lazy" decoding="async" class="wp-image-384494 " src="https://coin-turk.com/wp-content/uploads/2024/08/coinbase-premium-btc-index.png" alt="" width="1249" height="525">
 <figcaption id="caption-attachment-384494" class="wp-caption-text">
  Coinbase BTC premium index negative.
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</figure> 
<p style="text-align: justify">What happened today? The same thing happened again, and after the US markets opened, even though <a href="https://newslinker.co/category/computing/" target="_blank" rel="noopener" data-wpel-link="exclude">NVIDIA</a> announced a great earnings report and <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rates</a> are expected to start falling in 19 days, Bitcoin price began to drop sharply.</p> 
<h2 style="text-align: justify" id="what-will-happen-to-cryptocurrencies">What Will Happen to Cryptocurrencies?</h2> 
<p style="text-align: justify">The Fed will start lowering the interest rates it has kept at the peak for a year after four years and is expected to continue cutting rates to around 3% next year. This situation, which Bitcoin doesn’t seem to care about for now, should normally stimulate appetite in risk markets. The nearest event that could trigger a market recovery is the non-farm payroll data coming on September 6.</p> 
<p style="text-align: justify">If the NFP data comes in abnormally bad, the expectation for a rate cut in September could climb to 50bp after the second major negative employment data. This should lead to an increase in BTC price because the prevailing view is currently a 25bp cut.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/analyst-identifies-bitcoin-price-levels-amid-market-decline/" data-wpel-link="internal">Analyst Identifies Bitcoin Price Levels Amid Market Decline</a></h5>
<p>The post <a href="https://en.coin-turk.com/analyst-identifies-bitcoin-price-levels-amid-market-decline/" data-wpel-link="internal">Analyst Identifies Bitcoin Price Levels Amid Market Decline</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Analyst Identifies Bitcoin Price Levels Amid Market Decline

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