Bitcoin is currently trending lower at around $63,000, cooling off after an encouraging rise on August 23. Although the uptrend remains, there is a possibility of another wave of liquidation that could cause panic in the market.
Technically, Bitcoin is within a bullish breakout formation from the bull flag established after the expansion on August 8. From a volume analysis perspective, bulls might still have a chance if trading volume remains light as prices trickle lower.
If bears gain control, one analyst suggests four key support levels: $63,450, $55,540, $44,400, and $25,000. The first level, $63,450, reflects the average price at which new whales buy BTC.
If prices drop below $60,000, the next support level is $55,540, which Binance users have designated as their support. Falling below this could trigger panic selling among traders on the exchange.
The $44,400 level is crucial for miners, who are mostly whales. As long as prices stay above this line, most miners can continue to hold, expecting future gains.
The final key level is $25,000, the average price at which long-term holders bought BTC. These holders mostly comprise whales and network believers.
Factors like BlackRock adding BTC to its Strategic Global Bond Fund and its spot Bitcoin ETF holding billions of BTC for institutional clients continue to support bullish sentiment.
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