Bitcoin (BTC) Price Increases Odds of Bullish Rebound as Exchanges’ Supply Declines

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As a seasoned researcher with over a decade of experience in the ever-evolving world of cryptocurrencies, I find myself intrigued by the current state of Bitcoin and the broader crypto market. The recent price action of Bitcoin has been a rollercoaster ride, to say the least, but the resilience it’s shown in defending the $57k support level is somewhat reassuring.

In simpler terms, over the last few weeks, Bitcoin‘s (BTC) price drop has slowed down, suggesting a possible positive outlook in the near future. Despite concerns about potential sell-offs reaching $57k, Bitcoin has been making efforts to hold its ground at this level as of now

As a crypto investor, I’ve noticed that according to technical analysis, Bitcoin seems to have been shaping like a bullish flag over the past few months – a pattern often followed by an uptrend breakout, which could potentially happen in the fourth quarter. Interestingly, historical data suggests that Bitcoin tends to show stronger performance during this period, adding optimism to my investment strategy

However, the bearish outlook could be sustained if Bitcoin price consistently closes to $54K in the coming weeks. In such a scenario, Bitcoin price could drop towards the next liquidity range between $48K and $50K.

Bitcoin Price to Benefit for Shifting Economic Outlook

Amid the stabilizing economic outlook in Japan and Europe, the Bank of Canada lowered its interest rate to 4.25 percent on Wednesday, the third time since June. As a result, economists believe the Fed will initiate the first interest rate cuts since the Covid-19 pandemic on September 18.

Despite global economic fluctuations being on the same, the long—as-it-happens news could be considered a significant market surge, particularly for speculative assets like Bitcoin and similar cryptocurrencies, it’s anticipated effectual impact will have a profound influence, notably for investments perceived as risky perceived investments such as Bitcoin

After six straight days of decreases, the amount of money flowing out from U.S. spot Bitcoin ETFs has noticeably diminished

On Wednesday, U.S.U. U.S, U.US-news saw a bitcoin event, the U.a fascinating event for this week, investment-speculation Bitcoin Earnings like Bitcoin E digital assets may have an outflow of approximately $37 million on a significant events, as change. On Wednesday. Bitcoin and Crypt holders is highly value attached connection to it

Over the last several months, data from CoinGlass indicates a notable decrease in the quantity of Bitcoin available on centralized exchanges. This reduction comes as investors’ pessimism runs high, with the Bitcoin supply on these platforms falling from approximately 2.68 million to around 2.38 million over the past five months

Over the identical stretch of time, the price of Bitcoin fell from its record peak over $72,000 to roughly $56,900 by Thursday, September 5th. Traditionally, the price of Bitcoin tends to surge robustly as the supply on exchanges dramatically decreases following a halving event

Crypto Picture

Since the FTX crash at the end of 2022, Bitcoin’s dominance within the cryptocurrency market has been steadily climbing. However, its ascent has noticeably slowed down over the last few months. The green light given to spot Ether ETFs in the U.S. and other regions, along with the approval of Solana ETFs in Brazil, have been instrumental in boosting investor trust in the alternative coin market

In the short term, it’s forecasted that Bitcoin’s dominance will flip, setting the stage for the long-awaited period known as altseason. Additionally, the meme coin sector is likely to stay a buzzing topic during this ongoing bull market, as more blockchain platforms are focusing on them to facilitate widespread adoption of Web3 initiatives

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2024-09-05 14:14