bullish

Bitcoin

Material

Daily

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-recovers-after-initial-drop/" data-wpel-link="internal">Bitcoin Price Recovers After Initial Drop</a><br></p>
<p style="text-align: justify"><a href="https://en.coin-turk.com/bitcoin-surpasses-50000-mark-as-etf-inflows-boost-confidence/" data-wpel-link="internal">Bitcoin</a> price recovered from the 48,800-dollar level it fell to on Monday, dropping below 56,000 dollars due to concerns about a lack of support after Wall Street started trading on August 7, but then rebounding back to this level.</p> 
<h2 style="text-align: justify" id="bitcoin-comments">Bitcoin Comments</h2> 
<p style="text-align: justify">According to <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> from TradingView, the recovery in BTC price slowed down, and BTC/USD moved horizontally compared to the daily opening. Despite this, Bitcoin, which saw an increase of approximately 7,000 dollars compared to the lowest level of the last 6 months on August 5, caused investors’ concerns to persist in uncertain <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market conditions</a>.</p> 
<p style="text-align: justify">Analyzing the current state of the order book on exchanges, data provider Material Indicators suggested that the price could move in either direction based on existing buy and sell liquidity.</p> 
<p style="text-align: justify">In its latest post on X, the data provider noted that the amount of BTC liquidity between the current level and the CME Gap is significant but not insurmountable, adding:</p> 
<blockquote> 
 <p>What is concerning is the lack of large buy walls that would form a basis for a stronger upward move in the active trading range. Let’s see if this changes after TradFi opens and the CME Gap comes into play.</p> 
</blockquote> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-377834" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-cme-1-coin-turk-com.png" alt="" width="946" height="464"></p> 
<p style="text-align: justify">The post highlighted the existing “gap” in CME Group’s Bitcoin futures market, indicating a potential price movement between 57,845 dollars and 58,845 dollars.</p> 
<p style="text-align: justify">Subsequently, Material Indicators co-founder Keith Alan emphasized the death cross, which combines various moving averages, but still stated that the situation is still manageable.</p> 
<blockquote> 
 <p>Trend Precognition and MACD both indicate a momentum shift on the Bitcoin Daily chart. The bullish tendency of these signals is somewhat diminished due to the death cross between the 21-Day and 100-Day MAs. It seems that the 50-Day and 200-Day are also on a similar path.</p> 
 <p>It should be noted that Death Crosses are lagging indicators. A quick recovery could ease them, and if BTC bulls manage to fill the CME Gap today and continue upwards, it will be a sign of strength. Failure to fill the gap or rejection from the top of the gap will be a concern for the bulls.</p> 
</blockquote> 
<h2 style="text-align: justify" id="img-loading-lazy-loading-lazy-decoding-async-class-aligncenter-size-full-wp-image-377836-src-https-coin-turk-com-wp-content-uploads-2024-08-btc-cme-3-coin-turk-com-png-alt-width-953-height-445"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-377836" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-cme-3-coin-turk-com.png" alt="" width="953" height="445"></h2> 
<h2 style="text-align: justify" id="current-situation-of-bitcoin-investors">Current Situation of Bitcoin Investors</h2> 
<p style="text-align: justify">Considering macroeconomic conditions, it was observed that the price moved variably throughout the day, reflecting that investors were noticeably adopting a “wait and see” approach.</p> 
<p style="text-align: justify">In the latest statement shared on Telegram by trading firm QCP Capital, crypto investors were advised to follow macro correlations.</p> 
<p style="text-align: justify">Warning about stock indices, the firm stated:</p> 
<blockquote> 
 <p>Although the initial shock has passed, we foresee that selling pressure will continue in the coming days as systematic funds continue to reduce risks in light of increasing volatility. We recommend closely monitoring Nasdaq, Nikkei, and USDJPY as cross-asset correlations will remain high in the near term.</p> 
</blockquote> 
<p style="text-align: justify">QCP reiterated its previous view on long-term profitability, stating that cryptocurrencies should now be suitable for long-term investments.</p> 
<blockquote> 
 <p style="text-align: justify">As the temporary phase of market volatility has ended, we prefer to establish longer-term bullish positions in anticipation of a downtrend cycle. We prefer trades with a 3-6 month time horizon to avoid higher fluctuations.</p> 
</blockquote> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-price-recovers-after-initial-drop/" data-wpel-link="internal">Bitcoin Price Recovers After Initial Drop</a></h5>
<p>The post <a href="https://en.coin-turk.com/bitcoin-price-recovers-after-initial-drop/" data-wpel-link="internal">Bitcoin Price Recovers After Initial Drop</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Bitcoin Price Recovers After Initial Drop

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