Will Bitcoin (BTC) return to $ 10,000 before month’s end? The $ 12,000 is over for now! Short-term bearish Bitcoin is now more than likely; the numbers prove that miners are not responsible for the fall of Bitcoin. We will have to look for the culprits elsewhere – we can easily guess their identity.
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We take back the “good” habits
Ultimately it will be a rejection: while Bitcoin seemed to stabilize yesterday, August 24, 2020, at levels close to $ 11,800, giving hope for a continuation of a rise which would restart the running of the bulls, the day of today, August 25, 2020, will have decided otherwise.
Bitcoin registers a drop of over $ 410, bringing it down to the level of $ 11,347; it’s only a few hundred dollars away from the $ 11,200.
Below this level, the BTC would enter a bearish phase according to the analyzes of Michael van de Poppe.
The daily RSI (14) has dropped below 50, the bullish zone from a few days ago now looks far away. The weekly and monthly RSI (14) meanwhile, are still above 60.
The days and even the weeks which follow, will they be marked by a Bitcoin struggling in the short term, but who is still bullish in the long term? The BTC We are quite used to this scenario by the way.
Minors are not a threat
Data from Glassnode show that the hashrate of Bitcoin increased by 9% since the halving; the miners did not capitulate despite the catastrophic scenarios put forward by analysts before the block reward halved on May 11, 2020.
Source : Image via Twitter
Willy woo had indicated that miners were one of the external sources of increased selling pressure in the markets.
The increased hashrate of Bitcoin for the moment eliminates the danger of a massive sale of BTC by minors. Who should we fear then? The Whales of course; they could bring back Bitcoin around $ 10,000 and below.
The price of Bitcoin could re-limit in early September 2020; the question now turns to the containment zone: below or above 10,000 USD? Crossing $ 10,000 and then $ 11,000 was enough to pack the markets with bullish forecasts putting Bitcoin above its ATH. Bitcoiners want to go so fast, but bulls don’t have the legs to keep up.
Litecoin, welcome in the Silver Age