Bitcoin (BTC) has seen a significant decline over the weekend, falling to as low as $58,000 in recent days due to waning buying interest. The global crypto market cap currently sits at around $2.15 trillion, a 3% drop in the past 24 hours.
Bitcoin’s decline suggests that the decline in social media volume and rising negative sentiment have created fear in the market. These factors have increased selling pressure, causing prices to fall further.
However, this decline is expected to be temporary. A price recovery is expected in September. In addition, strategic investments by mining companies that buy Bitcoin, such as Marathon Digital, could restore market confidence and stabilize prices.
Bitcoin: Facing ‘Extreme Fear’ and Low Social Volume
Bitcoin is currently in the “Extreme Fear” phase, a sentiment often associated with price declines. According to the latest data, Bitcoin’s price is down 2.5% to $58,295, while its overall market cap remains at $1.15 trillion.
While the volume of Bitcoin discussions on social media has decreased since mid-July, trading volume increased by 33.05% to $19.33 billion. Declining social volume indicates a decrease in interest within the community, and high social volumes are typically associated with price increases. This suggests decreased investor participation and a further decline in Bitcoin’s price.
Bitcoin Price Increase and Mining Stocks in September
Bitcoin’s current price consolidation could soon come to an end. Bitcoin recently attempted to break the $60,000 barrier but failed and is currently trading at $58,270. Historically, Bitcoin prices typically increase around 160 days after the block reward halving. Since this halving event occurred 125 days ago, there is a possibility of a price increase towards the end of September.
Meanwhile, stocks related to Bitcoin mining, such as Marathon Digital and Riot Platforms, have lost 30-50% of their value this year. However, these stocks are considered undervalued. This decline is partly due to Bitcoin’s halving and limited trading range. Marathon Digital’s recent purchase of 4,144 BTC shows that major mining companies are positioning for future gains. Analysts predict that if historical trends continue, these mining stocks could outperform Bitcoin in the next bull run.
Bitcoin ETF Inflows and Mining Stocks
Recently, Bitcoin ETFs saw a significant inflow of $32.58 million, which is seen as a renewal of investor confidence. BlackRock’s Bitcoin ETF leads with $22 billion in assets, while Grayscale’s Bitcoin ETF follows with $20.7 billion in assets. On the other hand, Ethereum ETFs had a mixed performance, with $14.16 million in outflows. BlackRock’s Ethereum ETF saw an inflow of $76.35 million, while Grayscale saw an outflow of $118 million.
Looking at market prices, Bitcoin is currently trading at $58,295, while Ethereum is trading at $2,572. According to historical trends, Bitcoin is expected to see a significant price increase by the end of September, especially after the block reward halving. This potential increase could have a positive impact on mining stocks that have been trading undervalued recently.
Bitcoin (BTC/USD) Price Analysis
Bitcoin (BTC/USD) is currently trading at $58,294 and is down 2.7%. The cryptocurrency is trading above the $58,250 pivot point with the support of an ascending triangle formation, which is generally considered a sign of a potential upward move. A doji candle at this level would indicate that Bitcoin is at a significant turning point and the price could either rally or reverse.
Technically, Bitcoin’s resistance levels are set at $60,262, $61,869, and $63,487, respectively. On the downside, the first support is at $56,151, with additional supports at $54,633 and $52,615. The 50-day Exponential Moving Average (EMA) at $59,283 is currently above the price, which could indicate bearish pressure. The Relative Strength Index (RSI) is at 45, positioned between neutral and sell, indicating that the current market momentum is neither bullish nor bearish.
The pivot point of $58,250 is of critical importance; staying above this level could strengthen the uptrend, while a break below this level could lead to a sharp decline.
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