11:08 August 17, 2023
- Negative sentiment in the broader market is not helping BTC’s performance
- Bitcoin is retesting the crucial support line
Despite positive news in the cryptocurrency market, such as Cryptocurrencies continue to come under selling pressure, such as PayPal’s launch of its own stablecoin and the approval of Bitcoin ETFs in Europe. Delays in US funds’ applications for Bitcoin ETFs, including BlackRock, contributed significantly to the declines. Other catalysts include issues with the decentralized exchange Curve and weaker macroeconomic sentiment over the past few days.
In light of these events, Bitcoin broke below the $29,000 mark again yesterday and is currently trading around $28,600. The closest support is at $28,300, which has been tested overnight. After that, bitcoin price reacted strongly and rallied around $400. If this year’s uptrend is broken (blue line), we could expect bitcoin price to drop to $27,500 or even $26,200. On the other hand, on a positive catalyst, bitcoin price could quickly recover above $29,000 and even reach $29,700. However, in the absence of positive news, further downward pressure is to be expected in the coming weeks. Source: xStation5 by XTB
ACTION at the TESTSIEGER 2023:
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