The crypto markets are in a muted volatility phase, with Bitcoin (BTC) price hovering sideways. This outlook, while true, might end in roughly a week or two, triggering a comeback for both BTC and altcoins.
Why is Bitcoin Price Down?
There are four reasons for the recent descent in Bitcoin price:
Recession fears triggered by uncertain macroeconomic conditions.
Geopolitical tensions due to the war between Palestine and Israel.
The US Government selling BTC.
A drop in Donald Trump’s odds against Kamala Harris in the 2024 presidential elections.
As of August 19, Bitcoin price slid 1.62% and is currently trading at $58,355. Investors can expect a relief bounce in crypto markets as BTC trades above the previous week’s Value Area Low (pwVAL) of $57,958. Investors can expect the pioneer crypto to tag the previous week’s Point of Control (POC) at $59,384.
While the start of the week might seem bearish, investors can expect Bitcoin price to climb nearly 2% and form a local top aroun
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