The first cryptocurrency passed into the stage of short -term consolidation. This happened shortly after the BTC updated the historical maximum above $ 123,000 last month, experts explained.
Due to the traditional summer decline in trade on exchanges and fixation, the traders arrived, Bitcoin has not yet managed to form a strong bull trend. At the same time, there is no reason to talk about deep correction – strong bear trend signals in the market are not formed, they say in Cryptoquant.
The growth of quotations is possible, but only with the appearance of new catalysts. One of them may be a possible reduction in the interest rate of the US Federal Reserve (Fed) next month, analysts suggested.
Over the next few weeks, Bitcoin will not show significant volatility, but by the end of August the price of the asset will begin to show, albeit an unstable but bullish trend, said Cryptoquant experts.
Earlier, Glassnode analysts reported that the bitcoin exchange rate is in a narrow corridor from $ 110,000 to $ 117,000, and this means that the first cryptocurrency has moved to the stage of searching for equilibrium, and to withdraw from a narrow corridor a price of new capital on the market is needed.
Source: Bits
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