Republican

Reserve Dollar

Bitcoin

Reserve

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-increased-selling-pressure-despite-recent-recovery/" data-wpel-link="internal">Bitcoin Faces Increased Selling Pressure Despite Recent Recovery</a><br></p>
<p style="text-align: justify">Recent fluctuations in the <a href="https://en.coin-turk.com/terra-classic-lunc-fights-the-decline-will-it-reach-the-0-00012-mark/" data-wpel-link="internal">cryptocurrency market</a> are reshaping <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>‘ expectations. Although Bitcoin’s rapid recovery from levels below $50,000 last week has led many analysts to optimism, some experts warn of a potential short-term decline. FxPro’s senior market analyst <strong>Alex Kuptsikevich</strong> states that Bitcoin is more likely to experience a $5,000 drop than a similar increase.</p> 
<h2 style="text-align: justify" id="selling-pressure-increases">Selling Pressure Increases</h2> 
<p style="text-align: justify"><strong>Bitcoin</strong> attempted to rise above the $60,000 level but failed to break this resistance. This indicates that sellers dominate the market.</p> 
<p style="text-align: justify">Kuptsikevich notes that Bitcoin failed to sustain its gains following the “death cross” bear signal, formed by the intersection of the 50 and 200-day simple moving averages (SMA), confirming the dominance of sellers.</p> 
<h2 style="text-align: justify" id="rsi-index-signals-decline">RSI Index Signals Decline</h2> 
<p style="text-align: justify">The 14-day relative strength index (RSI) exited the oversold zone, signaling a loss of momentum. This could indicate a new wave of price decline. The RSI index is a momentum oscillator that measures the speed and change of price movements.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="alignnone wp-image-379383 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/BTCUSD_2024-08-13_15-30-50.png" alt="" width="1814" height="798"></p> 
<p style="text-align: justify">After the decline last Monday, the RSI remained below 30, indicating oversold conditions, which could have paused the downtrend and led to a price recovery. However, Kuptsikevich remains skeptical about the sustainability of this recovery.</p> 
<h2 style="text-align: justify" id="inflation-data-will-be-decisive">Inflation Data Will Be Decisive</h2> 
<p style="text-align: justify">The upcoming release of the US July consumer price index <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> could be decisive for Bitcoin’s short-term price movements. If inflation data exceeds expectations, it could dash hopes for Federal Reserve (<strong>Fed</strong>) rate cuts and trigger a new wave of selling in Bitcoin.</p> 
<p style="text-align: justify">Last week, Bitcoin rose above the $60,000 level but failed to hold these levels, and the recovery process seems to have stalled. Expectations regarding the US elections and the approach to cryptocurrencies are expected to have a significant impact on the market.</p> 
<p style="text-align: justify">The uncertainty in the cryptocurrency market is exacerbated by Republican candidate Donald Trump, known for his supportive statements on cryptocurrencies, trailing behind his opponent Kamala Harris.</p> 
<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-faces-increased-selling-pressure-despite-recent-recovery/" data-wpel-link="internal">Bitcoin Faces Increased Selling Pressure Despite Recent Recovery</a></h5>
<p>The post <a href="https://en.coin-turk.com/bitcoin-faces-increased-selling-pressure-despite-recent-recovery/" data-wpel-link="internal">Bitcoin Faces Increased Selling Pressure Despite Recent Recovery</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Bitcoin Faces Increased Selling Pressure Despite Recent Recovery

Table of Contents

COINTURK NEWS

Other articles published on Aug 13, 2024

Veteran Trader that Made Millions on Shiba Inu (SHIB) Predicts Percentage 3,455 Increase for This...

WazirX Hack Fiasco turns Indian Crypto Lovers to Binance

Ripple Ordered to Pay $125M in Securities Law Violation Case, Possibly Ending SEC vs. Ripple Conf...

Riot Platforms Raises Stake in Bitfarms to 18%, Continues Strategic Accumulation

Crypto: USDT is Gaining Strength Despite Economic Instability!

What Moves the Crypto Market? New Research Model Provides Answers

Join our free newsletter for daily crypto updates!