Last week, Bitcoin fell below $30,000, mainly due to the Federal Reserve's consideration of raising interest rates. However, Wall Street economists expect that the September meeting may suspend interest rate hikes, which will limit the downside of $BTC after it falls below $29,000. On the other hand, there are more and more market risks, so it is difficult for BTC to stay above $30,000. This includes the regulatory uncertainty faced by Binance and the hacking incident of Defi protocol @CurveFinance.
From the data, we can see that institutional investors are losing interest in cryptocurrencies. As of July 28, about $19.4 million was withdrawn from Bitcoin investment funds.
How will Bitcoin perform in August? If the $BTC price breaks through $30,000, it is expected to reach $31,500, which is also the peak in July. If the price of Bitcoin continues to rise for several months, the target of $31,500 is also reasonable.
However, if the price falls below the 50-day exponential moving average and the rising trend line, Bitcoin will be at risk and may fall to $27,000, which is the position of the 200-day exponential moving average. Previous historical data shows that this 200-day moving average has supported the price of Bitcoin in March and April.
To sum up, the Bitcoin market may fluctuate significantly in August due to factors such as the application for Bitcoin spot ETF and large-coin spot FTF, corporate investment, regulatory policies, macroeconomic changes, ETF impact, and Bitcoin reward halving event.
Pay special attention to the BlackRock spot ETF ruling and the timing of the Bitcoin block reward halving. Market volatility may rise sharply
