The long-term BTC/USD chart analysis conducted on 9 August raised concerns about the direction of Bitcoin’s price. The analysis pointed out two key channels influencing the price movement:→ A bullish channel formed in 2023 amidst Bitcoin ETF approval rumors;→ A bearish channel emerging in March 2024 after the initial spike post the Bitcoin ETF approval.
The recent technical analysis of the BTC/USD chart suggests a stronger case for bearish trends:→ Limited efforts to return to the bullish channel since 9 August;→ Price displaying a gravitational pull towards the median line of the descending channel;→ Resistance encountered at $65k in late August, followed by negative impact from Binance’s freezing of accounts tied to Palestinian military groups.
Given the prevailing conditions, it seems likely that a bearish trend may continue into the autumn months. Buyers may face more challenges on the BTC/USD chart, with a potential push towards the $50k mark by the year-end. This projection is based on the weakening momentum and external factors influencing Bitcoin’s price dynamics.
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Disclaimer
It is essential to understand that the views presented in this article reflect the opinions of companies operating under the FXOpen brand. This analysis should not be construed as financial advice or a solicitation to engage in trading activities. Readers are advised to conduct their research and consult with financial advisors before making any investment decisions in the cryptocurrency market.
Overall, the outlook for Bitcoin’s price trajectory appears to be leaning towards a bearish sentiment, with potential challenges for buyers in the near future. Investors and traders should stay informed about market developments and exercise caution while navigating the volatile cryptocurrency landscape.
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