With no new inflows into the crypto market bitcoin is slowly sinking. An impulse is needed from somewhere if bitcoin is to gain new momentum.
Sinking lower
Bitcoin is very much still below its daily and weekly moving averages, indicators that are pointing to further downside unless something fairly momentous pushes the price back above.
Bitcoin has found some support at the $26,000 level, but is currently pushing steadily against this. A break here is likely to see the price drop down to major support at $24,000, and possibly to $21,000, $19,000, and even back to the lows.
One thing is looking much more certain for this bitcoin bull market, and that is the cycle is lengthening. Declining returns is another factor. Some analysts are pointing to how bitcoin is making less gains with each succeeding bull market.
With this in mind, it might be likely that bitcoin only gets as far as $100k this bull market. Perhaps a blow-off top could take it to $150k, but when you look at percentage gains
We współpracy z: https://cryptodaily.co.uk/2023/8/bitcoin-further-downside-unless
