What to expect from Bitcoin this week?

Specialist RBC Crypto analyzed the situation on the market and assessed the prospects for the movement of the bitcoin rate for the next seven days.

“Possible exit from the correction”

Financial Analyst BitRiver Vladislav Antonov

Highlights of the week:

• The price of bitcoin fluctuated in the range of $25,800 – $28,000 with attempts to go beyond it.
• A positive court decision in Grayscale’s lawsuit against the SEC caused a sharp increase to $28,142, but it was quickly covered.
• The SEC’s refusal to approve the Bitcoin ETF for 45 days led to a collapse in the price to $25,655.
• At the end of the week, the price remained trading above the key support of $25,300, despite high volatility due to US statistics.
• In September, I expect the end of the correction and the transition to a new uptrend.

This week, Bitcoin traded mainly in the range of $25,800 – $28,000. The most important support levels were $25,300 and $26,000. Resistances remain $28,000 and $30,500.

On Monday, the price was spinning around $26,000 below the intermediate resistance level of $26,700. On Tuesday a sharp increase on positive news on Grayscale, it reached a local peak of $28,142, after which a correction to $27,000 followed.

A three-judge panel of the U.S. Court of Appeals overturned regulators’ decision to block Grayscale’s bitcoin-pegged exchange-traded fund.

“Possible exit from the correction”

Financial Analyst BitRiver Vladislav Antonov

Highlights of the week:

• The price of bitcoin fluctuated in the range of $25,800 – $28,000 with attempts to go beyond it.
• A positive court decision in Grayscale’s lawsuit against the SEC caused a sharp increase to $28,142, but it was quickly covered.
• The SEC’s refusal to approve the Bitcoin ETF for 45 days led to a collapse in the price to $25,655.
• At the end of the week, the price remained trading above the key support of $25,300, despite high volatility due to US statistics.
• In September, I expect the end of the correction and the transition to a new uptrend.

This week, Bitcoin traded mainly in the range of $25,800 – $28,000. The most important support levels were $25,300 and $26,000. Resistances remain $28,000 and $30,500.

On Monday, the price was spinning around $26,000 under an intermediate resistance level of $26,700. On Tuesday, a sharp increase on the positive news on Grayscale reached a local peak of $28,142, followed by a correction to $27,000.

A three-judge panel of the U.S. Court of Appeals overturned regulators’ decision to block Grayscale’s bitcoin-pegged exchange-traded fund.

In general, the week showed the continued interest in bitcoin from the bulls, despite the sharp fluctuations. The correction is likely to come out in the coming weeks with the resumption of growth to new highs.