Originally published on: August 04, 2024
Bitcoin analysis indicates that BTC is poised to target $58,000 next as long positions take a hit.
Recent data from Cointelegraph Markets Pro and TradingView reveals ongoing sell pressure pushing BTC/USD to three-week lows.
As the weekend sets a gloomy tone for the weekly candle close, market experts warn of potential pain for Bitcoin bulls in the coming week.
With Bitcoin entering the CME Gap, traders anticipate a possible fill during traditional trading hours, creating a $58,000 target for BTC price action.
Popular traders like Daan Crypto Trades and Keith Alan from Material Indicators offer insights into the market sentiment, forecasting short-term fluctuations amidst current volatility.
Long BTC positions have suffered significant liquidations, totaling nearly $200 million since August 1st, as BTC/USD dips below key support levels.
As traders navigate the challenging market conditions, it’s crucial to conduct thorough research and analysis before making investment decisions.
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