{"id":28716,"date":"2024-09-07T13:00:09","date_gmt":"2024-09-07T10:00:09","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=28716"},"modified":"2024-09-07T13:16:25","modified_gmt":"2024-09-07T10:16:25","slug":"bitcoin-btc-analysis-by-two-experts","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-btc-analysis-by-two-experts\/","title":{"rendered":"Bitcoin (BTC) Analysis by Two Experts"},"content":{"rendered":"

Bitcoin (BTC) is currently priced at $54,308.13, having fallen back to the $52,000 range after an unsuccessful attempt to break through the $65,000 level. The latest price volatility is largely attributed to significant losses in the U.S. stock market. So, what does the current state of Bitcoin\u2019s charts and order book data indicate? Can we expect a recovery soon?<\/p>\n

Bitcoin ETF Data<\/strong><\/p>\n

The approval of Bitcoin<\/a> ETFs was a significant milestone for investors familiar with traditional markets, offering them an entry point into cryptocurrency investments. While the first quarter saw a strong inflow of capital, the net ETF flows for BTC have since flattened. Recently, persistent selling has been discouraging for the market. WhalePanda, a well-known user, shared insights on the current ETF situation, stating:<\/p>\n

\u201cGood morning,<\/p>\n

Yesterday\u2019s Bitcoin ETF flows were negative once again, with $170 million in outflows, bringing the weekly total to $706.1 million. Fidelity saw $85.5 million in withdrawals, GBTC $52.9 million, and Bitwise $14.3 million. The price has dropped below $53,000 and is hovering around $54,000.\u201d<\/p>\n

Technical Analysis and Market Insights<\/strong><\/p>\n

Marco Johanning shared a Bitcoin price chart along with a heatmap, offering insights into the current sentiment among investors. He highlighted the importance of the Fibonacci 0.786 level. Johanning pointed out that if Bitcoin falls below the $52,000 mark, the next key support levels would be at $49,000 and $44,000. He also warned that in case of excessive selling, there is a potential for a new low to be formed.<\/p>\n

The next critical zone lies between $44,000 and $49,000. If Bitcoin loses this range, it could potentially drop to the $40,000 level.<\/p>\n

\u201cThe next significant liquidity cluster is logically placed just below the lows from Black Monday. Could \u2018Rekt-tober\u2019 drive Bitcoin down into the $40,000s again? Yes, that\u2019s a possibility.<\/p>\n

However, this may only represent a 0.786 retracement, which is a deep pullback but not uncommon in crypto. As I\u2019ve said several times before, I believe we are close to a bottom, and that the recovery will start within 1 to 2.5 weeks in September. I\u2019m sticking to my plan: my limit orders around the Black Monday lows are in place, and I\u2019m waiting for a stronger Q4.\u201d<\/p>\n

Potential for a New Low<\/strong><\/p>\n

The analyst also hinted that a new low could be seen within the next 48 hours, suggesting that placing buy orders at appealing levels could be a smart move. He remains optimistic about a potential rally in the last quarter of the year.<\/p>\n

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don\u2019t forget to follow us on\u00a0Telegram<\/strong><\/a>,\u00a0YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0for the latest\u00a0news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) is currently priced at $54,308.13, having fallen back to the $52,000 range after an unsuccessful attempt to break through the $65,000 level. The latest price volatility is largely attributed to significant losses in the U.S. stock market. So, what does the current state of Bitcoin\u2019s charts and order book data indicate? Can we<\/p>\n","protected":false},"author":1,"featured_media":28250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[61,534,60,8488],"class_list":["post-28716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bitcoin","tag-bitcoin-etf","tag-btc","tag-marco-johanning"],"yoast_head":"\nBitcoin (BTC) Analysis by Two Experts - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-btc-analysis-by-two-experts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin (BTC) Analysis by Two Experts - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) is currently priced at $54,308.13, having fallen back to the $52,000 range after an unsuccessful attempt to break through the $65,000 level. 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