Candle

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Elon Musk

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 <p>According to Callie Cox, an analyst at eToro US Investment, the current market lull can be attributed to the now evident seasonality patterns.</p>  
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 <p>“The seasonal patterns we see show that bitcoin prices have been a little bit weaker in August and September,” Cox said on CoinDesk TV’s “First Mover’ show. “People are going off to the beach; they’re not looking at their portfolios or trading their portfolios.”</p> 
 <p>Amid the narrowed trading range and liquidity crunch,&nbsp;Bitcoin price&nbsp;rolled back to $28,489 on Tuesday. If investors embrace the drop to gain more exposure to BTC, they are likely to build momentum for the anticipated breakout above the psychological price level at $30,000.</p> 
 <h2 id="bitcoin-bull-run-in-the-offing">Bitcoin Bull Run in the Offing?</h2> 
 <p>According to an <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> shared by Captain Faibik, a popular trader, <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> has formed “another monthly candle… closed below $30,000.” Faibik believes while BTC is heading into a bull run, currently, it is still in accumulation.</p>  
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">$BTC Another Monthly Candle has Closed Below the 30k.</p> 
  <p><a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> Bull run isn't Started yet, We're Still in Accumulation Phase.#Crypto #<a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> #BTC pic.twitter.com/lTZjl0HZ5h</p> 
  <p>— Captain Faibik (@CryptoFaibik) August 1, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>Insights from&nbsp;on-chain analytics firm Santiment affirms&nbsp;that notion by revealing that “key whale and shark stablecoin wallets appear to be loading up during <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a>’s visit below $30,000 here at the end of the month.”</p> 
 <p>Accumulation of stablecoins often suggests an incoming major breakout in prominent digital assets like Bitcoin and&nbsp;Ethereum, as they allow investors to prepare to take their positions.</p>  
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 <p>“#Tether, USDCoin, #BinanceUSD, &amp; #Dai are all seeing supply shifting into these key wallets,” Santiment added.</p> 
 <figure id="attachment_155675" aria-describedby="caption-attachment-155675" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="size-full wp-image-155675" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%202796%201479'%3E%3C/svg%3E" alt="Bitcoin price drops below $29k" width="2796" height="1479" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/01/ecfa3571241807e930da733b2bbda041.webp"> 
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  <figcaption id="caption-attachment-155675" class="wp-caption-text">
    Bitcoin whale and shark addresses | Tradingview 
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 </figure> 
 <h2 id="where-to-from-here">Where to From Here?</h2> 
 <p>Bulls must keep working around the clock to fight the impact of a sell signal that was recently confirmed by the Moving Average Convergence Divergence (MACD) indicator on the four-hour chart.</p> 
 <p>The call to traders to sell BTC coupled with the indicator’s rejection from the mean line (0.00) implies that bears hold substantial influence on the direction <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> price may take in the short term.</p> 
 <figure id="attachment_155674" aria-describedby="caption-attachment-155674" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="size-full wp-image-155674" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201144%20608'%3E%3C/svg%3E" alt="Bitcoin price drops below $29k" width="1144" height="608" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/01/ca7cf7d618387777672f0f6785ba18ec.webp"> 
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   <img decoding="async" class="size-full wp-image-155674" src="https://cdn.thebittimes.com/images/2023/08/01/ca7cf7d618387777672f0f6785ba18ec.webp" alt="Bitcoin price drops below $29k" width="1144" height="608"> 
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  <figcaption id="caption-attachment-155674" class="wp-caption-text">
    BTC/USD four-hour chart | Tradingview 
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 <p>Based on the Bollinger bands, a knee-jerk reaction is expected as the price recoils back into the bands. That said, it is possible that&nbsp;Bitcoin price will close the day above $29,000, with bulls pushing for a return above $29,500.</p> 
 <p>Until Bitcoin price breaks above $30,000 and sustains an uptrend, it would be prudent for investors to start acclimatizing to frequent dips to $28,000 support. Declines may intensify to $25,000 if they overshoot the $28,000 buyer congestion area.</p> 
 <h3 id="related-articles">Related Articles</h3> 
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  <li>XRPL Transaction Scanner Floats New Developer Portal</li> 
  <li>Elon Musk Gets Cryptic Invitation to Shibarium Mainnet Unveiling</li> 
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 <p>&nbsp;</p> 
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Bitcoin Price Prediction: Will BTC Keep Steady Amid Key Seasonality Pattern?

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