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.
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.
Jeff Kendrick, global head of digital asset research at Standard Chartered, predicts Bitcoin could reach $200,000 by the end of 2025, regardless of the outcome of the 2024 US presidential election.