Bitcoin Drifts Towards $27,000 Following Grayscale's Legal Victory, Analysts Highlight Bear Market Similarities
Summary:
Bitcoin (BTC) drifts towards $27,000 following Grayscale's legal victory, as buyer interest remains low. Analysts caution against the lack of genuine buyer interest on spot markets and highlight similarities to Bitcoin's performance before the 2022 bear market. $23,000 is flagged as a potential price rebound level. This article does not provide investment advice.
Bitcoin (BTC) approached the $27,000 mark following Grayscale's legal victory, as BTC buyer interest remained low. The BTC price saw a decrease in volatility after the positive verdict, which led to a 7.5% gain. While Bitcoin briefly reached $28,143, it soon consolidated at a lower level. However, analysts were cautious due to the lack of genuine buyer interest on spot markets. The funding rates remained fairly neutral, but trading volumes remained below those seen during previous upticks. Popular trader Rekt Capital also expressed a conservative outlook for BTC/USD, suggesting similarities to its performance before the 2022 bear market. If these similarities continue, $26,000 could become a resistance level with further downside potential. $23,000 was highlighted as a potential price rebound level. It is important to note that this article does not offer investment advice or recommendations.
Published At
8/30/2023 3:03:56 PM
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