Originally published on: August 07, 2024
Bitcoin made its way to $56,000 at the Wall Street open on Aug. 7, raising concerns about a lack of support in the market. Data from Cointelegraph Markets Pro and TradingView highlighted a stall in the rebound of the BTC price, remaining flat compared to the daily open.
Although Bitcoin is still up by $7,000 from its recent lows on Aug. 5, there is a sense of uncertainty lingering among market observers. Material Indicators analyzed the order book conditions on exchanges and suggested that the price could move in either direction based on current buy and sell liquidity.
The potential gap in CME Group’s Bitcoin futures market between $57,845 and $58,845 could attract the price, according to Material Indicators. The co-founder, Keith Alan, also warned about two Bitcoin death crosses involving different moving averages, indicating a potential downside in the charts.
Despite the challenges, there is hope for a shift in momentum as indicated by Trend Precognition and the MACD. The macroeconomic situation remains uncertain, with traders adopting a “wait and see” approach currently.
Trading firm QCP Capital advised crypto traders to monitor macro correlations closely as systematic funds continue to pare their exposure due to heightened volatility in stock indexes. The firm suggests establishing longer-term bullish positions with a time horizon of 3-6 months to navigate through the current market uncertainties.
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