Bitcoin Weekly Forecast: Can BTC bounce back from recent market crash?

📆 2024-08-09 6:11 AM
📰 FXStreetNews

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Cryptocurrencies,Technical Analysis

Bitcoin (BTC) trades above $60,000 on Friday after a 7.2% decline and a dip below the $50,000 level earlier in the week, following a test of its daily support level at around $49,900 on Monday.

Arkam Intelligence data shows major investors retained their Bitcoin holdings during Monday's sell-off. Bitcoin UTXO loss ratio is similar to the 2020 bull cycle. On-chain data suggests that permanent holder addresses are accumulating BTC despite the recent turmoil. Cryptoquant data shows that futures trading volume hit an all-time high, spot trading volume hit the second-highest ever this week. Bitcoin trades above $60,000 on Friday after a 7.

This indicates accumulation and suggests investor confidence in BTC has led them to purchase recent dips. With this metric reaching new records, it points to a calculated strategy by holders, who see the current price dip as a brief pause in Bitcoin's long-term rise.

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