Cryptocurrencies

Bitcoin (BTC) on August 25, 2020

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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The Bitcoin price of the day is offered to you in partnership with the application Swissborg. For a simple registration and a deposit of 50 euros, you will receive up to 100 euros in bitcoins as a welcome gift by following this link.

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.

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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.

Bitcoin BTC increase 9% hashrate halving

Source : Image via Twitter

Willy woo had indicated that miners were one of the external sources of increased selling pressure in the markets.

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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.

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