#Btc As of August 23, 2024, Bitcoin (BTC) is showing a mix of bullish and cautious signals in both technical and on-chain analysis.

Bitcoin's price is hovering around a critical resistance level at $69,000. A sustained breakout above this level (specifically if BTC closes above $69k for 8 consecutive days) could signal a strong upward trend. However, it is unlikely that this breakout will occur in August. In the meantime, the market could experience volatility, especially if broader market conditions deteriorate.

The number of Bitcoin transactions has increased, likely due to a combination of forced liquidations and panic selling. However, this could also indicate accumulation by experienced investors who view current prices as a buying opportunity.

Overall, while short-term volatility and risks are present, the accumulation by large investors and the potential for a breakout above $69k suggest that Bitcoin could have a positive outlook in the longer term. However, investors should remain cautious and be aware of the potential for further dips in the near term.