August Bitcoin Outlook, here’s what to expect.
Today marks the expiration of approximately $530 million worth of Bitcoin options, with BTC values at a six-week low as a result of reduced market activity and volatility. The 18,000 Bitcoin options contracts that expired today with a maximum loss of $29,500 show where most losses will occur.
The recent drop in Ethereum prices, combined with a bearish six-month call-put skew, indicates that investors expect greater weakness in the coming months. Ethereum’s price fell to a six-week low of $1,815 as well. Speculation about the US Securities and Exchange Commission potentially classifying most cryptocurrencies, with the exception of Bitcoin, as securities have exacerbated the bearish mood among investors.
To further buttress this review… Let us take a quick delve into the technical analysis to ensure balance.
As seen above, BTC has taken off buy-side liquidity which is evident that Bitcoin will crash to $25,000 in recent weeks. Looking at this weekly timeframe… Everything changed!
Also; Bitcoin’s weekly RSI, one of the most vital and most accurate indicators, is now pointing down coming off a cliff.
Apparently, this does not mean that Bitcoin is approaching a dead-end, but that is going to thrive after taking out the sell-side range liquidity.
Summarily, do not feel discouraged by this piece as it is a pointer to a brighter beginning in recent weeks.
Keep your fingers crossed and await the flight soon and stay informed about the August Bitcoin outlook and potential market trends to make informed investment decisions.
Featured image: Shutterstock
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Gibson Jonathan is a highly accomplished professional with expertise in the writing and business consulting industries. With over 2 years of experience, he has consistently demonstrated exceptional skills in web content creation, business proposal development, and market analysis writing.
