Bitcoin (BTC) has been struggling to stay afloat at $26,000 and continues to face selling pressure amid weakening technical indicators. As of press time, Bitcoin is trading at $25,972 with a market cap of $505 billion. The tightening Bollinger bands signal an impending breakout, often observed before significant price movements. However, concerns persist that the potential breakout might initially lean bearish, causing the BTC price to decline under $25,000 before resuming its upward trajectory beyond $30,000.According to the PoW Floor pricing model, there is potential for the BTC price to decrease by an additional 40 percent to levels below $15,000. This range is expected to attract traders seeking exposure to BTC, with anticipation for a robust upward move past $30,000.The world’s largest cryptocurrency Bitcoin (BTC) has been struggling to stay afloat at $26,000 and continues to face selling pressure amid weakening technical indicators. As of press time, Bitcoin is trading at $25,972 with a market cap of $505 billion.The Federal Reserve’s assertive approach to monetary policy hinges on several economic indicators, including metrics like the Consumer Price Index (CPI), which indicated in August that inflation remains a concern. If another rate hike occurs in September, Bitcoin could encounter difficulty maintaining its position above $25,000, significantly raising the likelihood of another downturn to $23,500, and potentially even to $20,000 in more extreme circumstances.According to the PoW Floor pricing model, there is potential for the BTC price to decrease by an additional 40 percent to levels below $15,000. This range is expected to attract traders seeking exposure to BTC, with anticipation for a robust upward move past $30,000.Recent on-chain data reveals a notable decline in Bitcoin’s transaction volume, reaching its lowest point in three years. Data sourced from Santiment indicates this encompasses various factors such as peer-to-peer payments, miner fees, exchange fees, and withdrawals. Any favorable economic data release ahead this week could bring back optimism to Wall Street and thus to the crypto market.
This News Article was automatically generated by Bob the Bot(AI)
This News Article was automatically generated by Bob the Bot(AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Jerome Powell, Ali Martinez |
| Companies | FAC, eToro, FINRA, Santiment, United States Federal Reserve |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
