The August market for cryptocurrencies is poised to peak, and the third quarter’s final phase of trading is ready to begin. A lack of interest among the numerous Bitcoin supporters is further indicated by the continued low volatility, which also portends the possibility of a protracted accumulation phase that will certainly result in a bullish breakout in the next few days. Additionally, the technical indicators are gradually bullish, indicating that the forthcoming month may post positive results for the first time in its history.
This week will see the first decision on the Bitcoin ETF, which is regarded as one of the most exciting and significant events in history. The price is working really hard to hold close to the $26,000 level, but the bears seem ready to pull it down to the $25,000 low. Here, the possibility of a rebound appears, which might trigger a significant pump in the upcoming days.
After the recent decline, the value of Bitcoin fell and is now trading close to the fundamental support that it has maintained ever since it recovered from 2023 lows. It is projected that a protracted consolidation will lower the price of interim assistance to little around $25,000. The RSI is trying to gain pace and maintain an ascending pattern after fluctuating for a while within the oversold regions. However, a greater risk of a bearish pullback also hangs over the rally because there are no obvious signs of a positive breakout.
Therefore, it is anticipated that Bitcoin will continue to retrace its losses to a depth that would convince traders that the bull market is gone. Nevertheless, a bullish breakout is about to occur after hitting the consolidation’s peak.
