The bitcoin price has been hovering in the same invariant positions for almost a week and hence manifests the possibilities of revisiting the lower support soon. In the meantime, the address containing 1+ BTC reached an ATH and the total transaction volume on the Bitcoin network reached $100 trillion.
As network activity increases, why is the price of BTC stuck in a limited range?
Interestingly, volume has increased significantly since the beginning of August while prices have remained low. Therefore, the asset could have faced an equal buying and selling action, which puzzled the investors. Now, when the consolidation heads north, it is mandatory for the price of BTC to hold above $21,000.
One of the popular analysts, michael van de poppe michel van de poppe Founder and CEO world eight Eight Global is led by Michael van de Poppe, the company’s founder and CEO. He is a cryptocurrency trader who works at the Amsterdam Stock Exchange and is excited about the role of blockchain in today’s financial system. Additionally, he is an author at Cointelegraph covering all things fintech, blockchain, and bitcoin, providing the latest news, prices, and analysis on the future of money. In the past, he was a technical analyst at TradingView, where he was responsible for performing technical analysis through TradingView’s platform and disseminating it through virtual social networks, including Twitter and YouTube. He was the author of CryptoBenelux, writing articles based on technical analysis and market information, especially on Bitcoin. EntrepreneurChief executive officerTraderMarket analyst Followers: 0 See profile here marks the upper targets for the rally if the lower support is held at $21,000.
The analyst believes that the next few hours could be pivotal for the entire crypto space as the PCE numbers are about to be released. It is a measure of the population living in the United States which is currently around 123.19. Additionally, Fed Chairman Jeremy Powell’s speech in Jackson Hole at the central bankers’ meeting should be a deciding factor for the upcoming rally.
Therefore, according to the analyst, the crypto space, especially Bitcoin, could foresee a short-term counterfeit or bounce in the coming hours. Therefore, investors should be more cautious for the next 24 hours of trading.