Great question and answer. Bitcoin price is stalling at $58,000 at the time of writing. Although it has moved below $58,000 many times in the last hour, we have seen short lower wicks. For now, BTC has not been able to close below the key support level. However, it has not been able to return to the safe zone either. In risk markets crypto- still diverges negatively.
Who Sells Bitcoin?
Germany has sold out, Mt Gox has finished most of the returns, the US government has been on hold for a while. However BTC still hasn’t recovered. Nightmarish days continue for altcoins. SOL Coin price is down 8 percent and is hovering around $138. Among the largest altcoins by market value SOL Coin leading the losses. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
There is a short time left for the August BTC close and Bitcoin is making a special effort to close this month in the negative. If there is a monthly close at current levels, the August return will be -12%. SOL Coin, on the other hand, has fallen by 25% this month.
So who? Bitcoin (BTC) is selling? Miles Deutscher gave the answer today. He mentioned that while Asian investors maintain their buying position, US-based sales continue. These sales were triggered by strong sales in Binance spot pairs while the US was in the buying position after the last $ 65,000 test. While the cumulative return for Bitcoin was 5 percent during Asian trading hours, the negative return for the US is striking.
What happened today? The same thing happened again and after the US stock markets opened NVIDIA Even though it had just announced a great earnings report, the Bitcoin price started to fall sharply, even though interest rates were set to fall 19 days later.
What Will Happen to Cryptocurrencies?
Fed After 4 years, it will start to reduce the interest rates that it has been holding at the peak for 1 year and it is expected that the reductions will continue next year until around 3%. This situation, which Bitcoin does not care about for now, is something that should feed the appetite in risk markets under normal conditions. The closest event that can trigger a return in the markets is the non-farm payrolls data that will come on September 6.
If the TDI is abnormally bad, the discount expectation for September could climb to the 50bp level after the second major negative employment data. This should also cause an increase in the BTC price because the dominant view is currently that there will be a 25bp discount.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
