Bitcoin worth has retraced beneath $59,000 on August 21, following one other unsuccessful try to advance in the direction of $65,000. The newest information from the order books of 20 crypto exchanges reveals that BTC is going through intense promoting stress.
BTC Suffers One other 4% Correction
Bitcoin’s worth made a pointy restoration earlier this month, surging 35% between August 5 and August 16. Nonetheless, latest developments point out that the market has entered a consolidation part over the previous week, with costs stagnating inside a slender 5% vary between $58,000 and $62,000.
As illustrated within the TradingView chart, BTC tried to reclaim the $62,000 degree on August 20, however the rally was repelled at round $61,395. As of August 21, Bitcoin is buying and selling beneath $59,500, reflecting a 4% correction from the 24-hour excessive.
Bitcoin Value Evaluation BTCUSD | TradingView
The US Federal Reserve’s proposed price lower in September gives long-term constructive sentiment. Nonetheless, important promoting by the US authorities and FTX collectors, who’ve moved massive quantities of BTC into exchanges, has triggered elevated volatility. This exercise has led to Bitcoin’s worth being subdued and caught in a protracted consolidation across the $60,000 space.
Bitcoin Dealing with $50 Million Promote Strain.
A rising variety of promote orders has stored Bitcoin’s worth rally in verify over the previous week. And not using a recent bullish catalyst, the present bearish sentiment may nullify any upward momentum within the coming days.
The Alternate Market Depth information, as proven within the IntoTheBlock chart, reveals that whole Bitcoin purchase orders quantity to roughly 47,000 BTC, whereas promote orders have surged to 53,000 BTC.
Bitcoin Mixture Order Books | IntoTheBlock
This represents a big imbalance, with promote orders outweighing purchase orders by about 6,000 BTC. On the common worth of $59,516, this interprets to a promote stress of roughly $50 million.
This bearish headwind from the order books means that sellers, who regained management after the final rally, may impede Bitcoin’s advance above $62,000. The continued shortfall in demand, coupled with the surplus provide, is prone to push Bitcoin right into a worth correction part because the week progresses.
BTC Value Forecast: Main Roadblock Looming at $62,000
Technically, the key roadblock for Bitcoin lies on the $62,000 resistance degree. The chart reveals that BTC has been buying and selling beneath the center Keltner Channel band, which is performing as dynamic resistance. The worth motion can be struggling to keep up help round $59,302, as indicated by the RSI Divergence Indicator, which is exhibiting a bearish divergence.
Bitcoin Value Prediction BTCUSD | TradingView
If Bitcoin fails to carry above $59,000, the following important help degree is round $54,565, which aligns with the decrease Keltner Channel band. On the upside, breaching the $62,000 resistance could be essential for any bullish continuation. Nonetheless, given the present market circumstances, the chance of a breakout seems slim, and Bitcoin may face additional downward stress earlier than any important restoration happens.
