Bitcoin Struggles in August, Faces Worst Month of 2023 Amid Uncertain Market Outlook and Longest Bear Market in History
Summary:
Bitcoin struggles in August, facing its worst month in 2023. The market outlook is uncertain, with September traditionally being a poor-performing month. Traders brace for further downside, while the monthly close is expected to bring volatility. Bitcoin's year-on-year returns reveal the longest bear market in its history. On the positive side, hash rate reaches an all-time high, suggesting a potential miner bull run ahead of the 2024 block subsidy halving. Economic data and inflation indicators have little impact on the cryptocurrency market. Investors should conduct their own research before making any decisions.
Bitcoin (BTC) continues to struggle around the $26,000 mark as it faces its worst month of 2023 in August. The recent snap crash and lack of market control from the bulls have left the outlook uncertain, especially with September historically being a poor-performing month for Bitcoin. This week, the focus will be on Personal Consumption Expenditures (PCE) Index data, although traders and analysts remain cautious and anticipate further downside movement. The monthly close is expected to bring volatility, with many predicting a drop to multi-month lows. Moving averages that previously acted as support may now act as resistance for BTC. Overall, August could be the worst month for Bitcoin in eight years. Meanwhile, Bitcoin's year-on-year (YoY) percentage returns show that the current bear market is the longest in history. Despite positive news events, market prices have not reflected them and continue to fall. The upcoming PCE data and other economic indicators are expected to have little impact on the cryptocurrency market. On the brighter side, Bitcoin hash rate has reached an all-time high, indicating a potential miner bull run leading up to the April 2024 block subsidy halving. However, it's important to note that this article does not provide investment advice and readers should do their own research before making any decisions.
Published At
8/28/2023 8:07:00 AM
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