Bitcoin (BTC) Price Decline May Not Be Over Despite Recent Recovery
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Last Monday, Bitcoin's price fell sharply from $61,000 to $54,000, causing significant losses and liquidations. Despite a partial recovery, the Bitcoin Holder Net Position Change indicates long-term holders have been selling since August 5, with 4,881 BTC sold on August 10, suggesting potential for further decline.
Spot ETFs also show bearish signs, with a net outflow of -$89.73 million recorded last Friday, indicating more selling than buying. Inflows are essential for Bitcoin's price recovery, and current outflows may hinder BTC from maintaining the $60,000 level.
Analyst Michaël van de Poppe suggests that if Bitcoin closes around $60K for the month, it may signal consolidation before a bull breakout. However, the price is nearing a supply zone between $61,616 and $62,477, with potential rejections that could push it below $60,000.
The Awesome Oscillator remains negative, signaling bearish momentum. BTC may not face a double-digit correction but could drop to $60,499. Increased ETF inflows and long-term holder accumulation could, however, drive prices to $63,205 or $67,058.
Source: beincrypto.com ↗
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