Bitcoin

Bitcoin (BTC) started August with a bearish trend and continued to drop in the past 24 hours. The price fell over 2 percent, trading around $63,981 on Friday morning.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d40eae86a7624f2d822b7b858bce8e03.png" />The decline also affected the altcoin market, reducing the total crypto market cap to about $2.39 trillion. As a result, over $245 million was liquidated from the crypto derivatives market, mostly impacting long traders.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/9a59114002194b9795c6d66c9eef1367.png" /><h3 id="crypto-industry-gains-amid-geopolitical-tensions-and-economic-uncertainty">Crypto Industry Gains Amid Geopolitical Tensions and Economic Uncertainty</h3>As geopolitical tensions rise in the Middle East, the crypto industry has seen increased on-chain activity. The threat of escalating conflicts is expected to weaken fiat currencies, leading more investors to seek refuge in cryptocurrencies amid global economic uncertainties.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ad69dbd8b60c4c259ca216681ef3ebbe.png" />Source:<a href="https://x.com/WuBlockchain/status/1819222929152135195?ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow"> X</a>Recent market data reveals that US spot Bitcoin ETFs saw a net cash inflow of approximately $50.64 million on Thursday. Additionally, <a href="https://cryptosheadlines.com/microstrategy-ceo-reiterates-bitcoin-commitment-amid-growth/" rel="noopener noreferrer nofollow">MicroStrategy has reaffirmed its commitment to Bitcoin</a> by planning to raise $2 billion to acquire more units.Following recent market volatility, <a href="https://cryptosheadlines.com/bitcoin-options-data-suggests-traders-bullish-on-price/" rel="noopener noreferrer nofollow">data from CryptoQuant suggests</a> that we may see a period of consolidation in the coming months, potentially leading to a bullish breakout and a new all-time high.<h3 id="bitcoin-price-trends-and-future-outlook">Bitcoin Price Trends and Future Outlook</h3>Over the past five months, <a href="https://cryptosheadlines.com/ecb-hikes-rates-bitcoin-consolidates/" rel="noopener noreferrer nofollow">Bitcoin has shown clear signs of macro consolidation</a>, remaining within defined boundaries. Currently, the coin is in a falling trend, which some believe could be forming a bullish flag pattern.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/9a59114002194b9795c6d66c9eef1367.png" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/363dda2fb3634c0c8b227d076c111a07.png" />Source:<a href="https://x.com/AltstreetBet/status/1819180519998795867?ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow"> X</a>Technical analysis suggests that Bitcoin’s price might drop to between $48K and $53K in the coming weeks before a potential bullish breakout. This anticipated drop could set the stage for a significant upward movement.<a href="https://cryptosheadlines.com/blackrock-ethereum-etf-hits-277m-amid-market-dip-and-mixed-reactions/" rel="noopener noreferrer nofollow">Also Read: BlackRock Ethereum ETF Hits $277M Amid Market Dip and Mixed Reactions</a>Looking ahead, a possible interest rate cut in the United States later this year, coupled with the upcoming general election, is expected to contribute to a positive outlook for the crypto market.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/a055d3c0bedc480cb3e873301d9bad0c.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

Bitcoin Might Drop to $48K-$53K in August Before Rising

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