Bitcoin maintains silence over the radio with a sideways trend close to $26K following the sharp fall last week. With limited price movements, the BTC price trend reflects a trapped underlying momentum, which could lead to a sharp move on the breakout.
Despite the 2023 bull run, Bitcoin has yet to exceed 50% of its all-time high in the past 14 months. Facing enormous supply inflow above $30K, BTC price falls close to the $25K cushion and undergoes a silent trance.
The Longest Bear Cycle EVER!
Michaël van de Poppe, a full-time trader and an economics graduate, tweets his optimism on Bitcoin recovery in the longest bear cycle. With 490 days red, as per the Year-on-Year Change, Michaël points out multiple events that could trigger a bull market.
Events like Blackrock and Valkyrie have stakes in mining companies and multiple Bitcoin and Ethereum ETF applications. Even ETFs in Europe are going live, Hong Kong is opening for crypto, and Oman is investing more than a billion dollars in Bitcoin.
Bitcoin Price Analysis
At a discount of 18.49% from its recent swing high of $31,818, Bitcoin price currently trades at $29,935. Despite the recent week-long consolidation, the recent crash influences a bearish crossover in the 50 and 100-day EMA.
Moreover, the intraday fall of 0.53% ruins the short 0.31% recovery over the weekend.
The MACD and RSI indicators struggle to confirm any bullish crossover or a bullish spike with the intraday fall. However, a bounce back with lower price rejection will indeed turn the tables in a bullish favor.
Under consolidation, Bitcoin is in a no-trade zone but provides a buying opportunity with every dip closer to $25K. Moreover, with the deadlines for the Bitcoin ETF application of Blackrock and Grayscale’s $GBTC coming on September 1, the market anticipates a recovery.
However, it is possible the SEC will delay the ETF approval, leading to further consolidation.
In conclusion, buyers can find multiple entry spots despite the ongoing consolidation. However, the sellers might have to wait for the multi-contact zone breakdown at $25K, leading to a correction to $22K.
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