The post Bitcoin (BTC) Price Faces Weekly Death Cross: Dip to $24k Ahead? appeared first on Coinpedia Fintech News
Bitcoin (BTC) price has been trading within the range of $25.6k to $26.1k, leading to increased short-term uncertainties. Grayscale Investments’ influence on crypto volatility has waned, notably after the U.S. SEC postponed the approval of several Bitcoin ETFs.
However, Grayscale Investments’ legal team has urged the SEC to expedite spot Bitcoin ETF approval, citing a lack of grounds for delay.
Bitcoin’s Near-Term Outlook
Crypto Tony, a prominent digital assets analyst, anticipates a potential dip to $25k for Bitcoin in the near future, followed by a temporary support level and a rebound to $28.5k. Daan Crypto Trades, another well-known digital asset investor and analyst, agrees that Bitcoin is poised for high volatility in the short term, irrespective of current uncertainties.
$BTC / $USD – Update
This roadmap only looks clearer to me as time goes on. Dip to $25,000 –> Spike up to $28,500 then down to $20,000 for the final correction pic.twitter.com/SiZxM1NCKp
— Crypto Tony (@CryptoTony__) September 6, 2023
Read More: Bitcoin ETF Approval: SEC’s Position Weakens, 75% Chance in 2023
Challenges Ahead
Bitcoin is facing significant pressure due to the occurrence of a weekly death cross between the 50 and 200 Moving Averages (MA). The past three weeks have seen Bitcoin close below the 200 weekly Moving Average, indicating a potential drop below $24k as the coin seeks to establish robust macro bullish support.
#Bitcoin open interest is approaching YTD lows, while OI/MC is back to the channel’s lower bound, 1.88%.
Can see clearly when the speculation started during the Blackrock announcement.
Back to a healthy level. pic.twitter.com/IVc2xHQwrK— James V. Straten (@jimmyvs24) September 6, 2023
Additionally, on-chain analysis by James V. Straten reveals that Bitcoin’s open interest, a metric gauging institutional investor demand, has reached its lowest point this year.
Also Read: Will Bitcoin ETFs Kill Crypto Exchanges? Bloomberg Analyst Thinks So!
Are you bullish or bearish on Bitcoin? Let us know.
