{"id":16598,"date":"2024-09-02T11:23:23","date_gmt":"2024-09-02T08:23:23","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-price-stabilises-below-58000\/"},"modified":"2024-09-02T11:23:23","modified_gmt":"2024-09-02T08:23:23","slug":"bitcoin-price-stabilises-below-58000","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-price-stabilises-below-58000\/","title":{"rendered":"Bitcoin Price Stabilises Below $58,000"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>The leading cryptocurrency fell by 8.6% in August. Historically, September sees an average decline of 4.5%.<\/li>\n<li>Analysts anticipate continued volatility but expect a medium-term recovery in optimism.<\/li>\n<li>The number of bitcoin wallets holding at least 100 BTC has reached a 17-month high (16,120).<\/li>\n<\/ul>\n<\/div>\n<p>In the early hours of Monday, September 2, the price of the leading cryptocurrency dropped below the local support level of $58,000.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1185.webp\" alt=\"1-1185\" class=\"wp-image-240186\"\/><figcaption class=\"wp-element-caption\">15-minute BTC\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\" target=\"_blank\" rel=\"noreferrer noopener\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>At the time of writing, bitcoin is trading at $57,690, having lost 0.9% in the last 24 hours. Ethereum&#8217;s daily decline is 1.2%, falling to $2,450.<\/p>\n<p>Among the top 10 cryptocurrencies by market capitalisation, Dogecoin (-3.8%) and BNB (-2.6%) show the largest declines, according to <a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>.<\/p>\n<p>According to <a href=\"https:\/\/www.coinglass.com\/LiquidationData\">Coinglass<\/a>, the total volume of liquidated positions over the past day amounted to $150.9 million, with $123.4 million in longs.<\/p>\n<p>Bitcoin&#8217;s decline in August <a href=\"https:\/\/www.coinglass.com\/today\">amounted to 8.6%<\/a>. Historically, digital gold has averaged a 4.5% drop in September. Since 2013, positive dynamics have been recorded in three out of 11 instances.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-879.webp\" alt=\"2-879\" class=\"wp-image-240187\"\/><figcaption class=\"wp-element-caption\">Data: Coinglass.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\"><strong>Technical Outlook<\/strong><\/h2>\n<p>Trader and analyst Rekt Capital takes a balanced view. The expert presented a chart showing the leading cryptocurrency testing the lower boundary of a descending channel.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a><\/p>\n<p>Bitcoin continues to retest the Channel Bottom<\/p>\n<p>Bitcoin needs to Weekly Close above $58450 to confirm the Channel bottom (black) as support<\/p>\n<p>Retest is still in progress<a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/4tbcFtQEuF\">https:\/\/t.co\/4tbcFtQEuF<\/a> <a href=\"https:\/\/t.co\/juOeY0Tvta\">pic.twitter.com\/juOeY0Tvta<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a href=\"https:\/\/twitter.com\/rektcapital\/status\/1830178069421674730?ref_src=twsrc%5Etfw\">September 1, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe retest is still ongoing. Bitcoin needs a weekly close above $58,450 to confirm the channel bottom as support,\u201d<\/em> he wrote.<\/p>\n<\/blockquote>\n<p>A trader known as CrypNuevo predicted stop-loss triggers in both directions as part of a \u201cliquidity hunt.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">In a trading perspective, I&#8217;m favoring longs so I&#8217;d prefer seeing the move down first to hit the liquidations and fill the wick at $56.6k where I could long.<\/p>\n<p>So I&#8217;m keeping a long order at that $56.6k level on Sunday &#038; Monday in case we see a false move at the start of the week.<\/p>\n<p>\u2014 CrypNuevo ? (@CrypNuevo) <a href=\"https:\/\/twitter.com\/CrypNuevo\/status\/1830217473469399362?ref_src=twsrc%5Etfw\">September 1, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The specialist pointed to the possibility of a drop to $56,600 due to long liquidations, followed by a recovery to $61,300.<\/p>\n<p>Peter Schiff, President of Euro Pacific Capital, highlighted bitcoin&#8217;s weakness relative to gold. He noted that all of the asset&#8217;s gains in 2024 occurred in January-February. Despite the <a href=\"https:\/\/u1f987.com\/en\/news\/sec-approves-all-11-spot-bitcoin-etf-applications\">launch<\/a> of 11 BTC-ETFs, the price of the leading cryptocurrency fell by 8%, while the precious metal rose by 23%.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We are now eight months into 2024, and all of Bitcoin&#8217;s gains for the year occurred during the first two months. Since the end of Feb., despite the launch of 11 Bitcoin ETFs, <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is down 8%. Over the same six months, the price of <a href=\"https:\/\/twitter.com\/hashtag\/gold?src=hash&#038;ref_src=twsrc%5Etfw\">#gold<\/a> is up 23%. The momentum has turned.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1830260464422736298?ref_src=twsrc%5Etfw\">September 1, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 class=\"wp-block-heading\"><strong>Bitcoin Whale Balances<\/strong><\/h2>\n<p>The number of bitcoin wallets holding at least 100 BTC has reached a 17-month high (16,120). In August, 283 more addresses joined this category, according to Santiment.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">? As crypto prices have let retail traders down, Bitcoin whales are growing in number. A net gain of +283 wallets holding at least 100 BTC has emerged in just 1 month. The now 16,120 such wallets on the network has broken a 17-month high. <a href=\"https:\/\/t.co\/DcAU0W01Pk\">pic.twitter.com\/DcAU0W01Pk<\/a><\/p>\n<p>\u2014 Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1829671149527318910?ref_src=twsrc%5Etfw\">August 31, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the service, the number of coins in wallets holding between 10 BTC and 10,000 BTC increased by 133,000 BTC (~$7.6 billion).<\/p>\n<p>Blockstream CEO Adam Back noted the accumulation of bitcoins by whales.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/bitfinex?ref_src=twsrc%5Etfw\">@bitfinex<\/a> whales back buying 450btc\/day every minute all day long, since dip on 28th. same as bitcoin mined per day. go ahead sell them cheap corn \ud83d\ude42 <a href=\"https:\/\/t.co\/LcgMmaesh7\">pic.twitter.com\/LcgMmaesh7<\/a><\/p>\n<p>\u2014 Adam Back (@adam3us) <a href=\"https:\/\/twitter.com\/adam3us\/status\/1829534552412606906?ref_src=twsrc%5Etfw\">August 30, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThey are buying 450 BTC a day [\u2026] after the dip on August 28. The same amount as mined daily,\u201d<\/em> he emphasised.<\/p>\n<\/blockquote>\n<p>Vivek Sen, founder of Bitgrow Lab, noted that historically significant whale purchases often preceded new <span data-descr=\"all-time high\" class=\"old_tooltip\">ATH<\/span> for bitcoin.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The last time whales bought a lot, <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> hit a new ATH ? <a href=\"https:\/\/t.co\/yEnydk0S1P\">pic.twitter.com\/yEnydk0S1P<\/a><\/p>\n<p>\u2014 Vivek\u26a1\ufe0f (@Vivek4real_) <a href=\"https:\/\/twitter.com\/Vivek4real_\/status\/1830208106850095277?ref_src=twsrc%5Etfw\">September 1, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Back on August 29, the aggregate balance of the leading cryptocurrency on centralised platforms fell to a new yearly low, according to CryptoQuant. Experts also <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-retreats-to-59000-amid-etf-inflow-weakness\">noted<\/a> an increase in the flow of coins to US-based platforms, which \u201chistorically correlates with price increases.\u201d<\/p>\n<p>Earlier, Real Vision analyst Jamie Coutts <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-analyst-predicts-mad-season-with-150000-target\">predicted<\/a> a \u201cmad season\u201d for bitcoin with a target of $150,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The leading cryptocurrency fell by 8.6% in August. Historically, September sees an average decline of 4.5%. Analysts anticipate continued volatility but expect a medium-term recovery in optimism. The number of bitcoin wallets holding at least 100 BTC has reached a 17-month high (16,120). In the early hours of Monday, September 2, the price of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1146,1150,1268],"class_list":["post-16598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-cryptocurrency-market-forecasts","tag-news-plus","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=16598"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16598\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/16597"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=16598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=16598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=16598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}