The crypto markets are approaching the end of the August trade and are about to enter the last phase of the Q3 trade. Besides, the volatility continues to remain at grounded levels, which suggests a lack of interest among the Bitcoin bulls and, on the other hand, also flashes the possibility of a prolonged accumulation phase that may undoubtedly result in a bullish breakout in the coming days. Moreover, the technicals are slowly bullish, suggesting the upcoming month may record gains for the first time in its history.
The very first decision on the Bitcoin ETF is about to be made this week, which is believed to be one of the most exciting and historical events in history. The price is trying hard to hold close to the $26,000 level, but the bears seem to be poised to drag it toward the $25,000 low. Here, the possibility of a rebound emerges, which may trigger a massive pump in the coming days.
After the recent plunge, the BTC price dropped and is trading close to the crucial support that it has maintained ever since it rebounded from 2023 lows. A prolonged and extended consolidation is expected to drag the price towards the interim support just below $25,000. After ranging within the oversold levels for a while, the RSI is trying to gain momentum and maintain an ascending trend. However, a larger possibility of a bearish pullback also haunts the rally, as no clear signals of a bullish breakout emerge.
Therefore, Bitcoin is believed to continue to retrace deep enough to convince market participants that the bull market is over. However, after reaching the pinnacle of the consolidation, a bullish breakout is imminent.
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