Bitcoin (BTC) continued its downward trend into August, with its price falling below $63,000 but quickly recovered to around $64,500 today.
This decline extended to the broader cryptocurrency market, reducing its total value to about $2.29 trillion. In the last 24 hours, over $256 million in crypto derivatives were liquidated, primarily affecting long positions.
Amid rising geopolitical tensions, particularly in the Middle East, there has been a surge in cryptocurrency trading activity. Investors are increasingly turning to digital assets as a safeguard against potential fiat currency devaluation.
Recent reports highlight a $50.64 million inflow into US spot Bitcoin ETFs on Thursday, and MicroStrategy plans to raise $2 billion to expand its Bitcoin holdings.
Looking ahead, analysis from CryptoQuant data suggests Bitcoin might consolidate before making a significant upward move.
The cryptocurrency has been trapped in a downward trend, with predictions of a potential dip to between $48,000 and $53,000 before a bullish breakout. Expectations of an interest rate cut in the US later this year could further drive positive sentiment in the crypto market.
The competition in Bitcoin (BTC) mining has escalated recently, with China taking the lead over the United States.
Alphractal, a cryptocurrency analysis firm, has voiced concerns about Bitcoin’s current market trajectory, suggesting it may be on the verge of entering a bear market phase.
Recent blockchain data reveals that a segment of Bitcoin investors has started selling off assets to lock in profits following a recent price surge.
CryptoCon confidently predicted an imminent bull market for Bitcoin, downplaying concerns of a recession or prolonged bear market.