Bitcoin price shows a slow sideways movement around the $26,000 level after an outburst of volatility on August 17. This sideways movement could face
Investors can expect a retest of $20,000 should this outlook play out.The Jackson Hole Symposium on August 25 could trigger an ephemeral volatile spike in BTC and stocks.
The table attached below shows that Bitcoin price has crashed massively in the days leading up to the breakdown of the weekly RSI’s mean level. On average, BTC loses 40.15% of its value from the most recent peak to the point of the breakdown. The highest loss recorded was in February 2020, when the pioneer crypto lost 61% of its value in less than a month. The smallest drop was noted in September 2019, where BTC shed only 25%.At present, Bitcoin price has dropped 17.
The 365-day Market Value to Realized Value for Bitcoin price hovers around 5.61%, suggesting that these long-term holders are still in profit. The 30-day MVRV reads -6.78% revealing that the August 17 crash has already caused these holders to capitulate their holdings. will react in accordance with Powell’s speech. FXStreet senior analyst Yohay Elam sheds light on three possible scenarios.Jackson Hole Preview: Powell poised to keep markets on edge, three scenarios for the US Dollar
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