Bitcoin Price Prediction: BTC Holds at $26k Barrier

Bitcoin Price Prediction: BTC Holds at $26k Barrier – What’s the Next Stop?

Updated: 25 August 2023

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Bitcoin price showed signs of recovery over the last two days, only to drop again late on Thursday, August 24. Last week, the coin fluctuated from $25.8k to $26.2k, mostly trying to stay above $26,000. However, there were several instances in the past seven days when the coin’s price dropped to $25.6k.

Traders’ behavior went from buying the dip to waiting out the storm, but many also decided to sell their holdings. The situation finally improved this Wednesday, August 23, when the coin’s price surged from $25.8k to $26.7k, giving hope to more optimistic market participants.

However, this surge, which seemingly managed to secure new support at $26.4k, ended less than 24 hours after the coin reached this level. On the evening of August 24, Bitcoin broke the support at $26.4k, crashing down to $26,000 once again.

Since then, it has made a few weaker attempts at recovery, but a new resistance at $26.2k prevented it from going further up.

At the time of writing, the coin’s price sits at $26,096, with a total market cap of $508 billion and a 24-hour trading volume of $12.5 billion.

Analysts have found two bearish solid patterns in the project’s chart, including a bearish pennant pattern and a head and shoulders pattern.

Judging by the signals, one analyst suggested a possible move around $26,600, which is to be followed by another harsh drop, this time to $24k.

Another expert claims intense volatility can be expected due to low volume. According to their analysis, the book is so thin that the market can easily be moved in either direction, noting that the FED Chairman’s speech at Jackson Hole can be a strong catalyst for the coin’s future performance.

The analyst added that the Bitcoin market requires a low-interest rate environment, so slowing the overall economy could be good news for crypto.

Fed Chairman’s Speech Could Have Strong Impact on Bitcoin

As mentioned, Fed Chairman Jerome Powell is expected to hold a speech later today at the Jackson Hole Economic Symposium, which will catalyze all risk-sensitive assets, not just Bitcoin.

The Fed has been ramping up rates to a generational high since late March to take control over rising inflation. Right now, the market is in a delicate position where it could easily be affected by any unexpected event.

This is why Powell’s speech will be closely scrutinized by anyone seeking to read into the path ahead for the Federal Reserve.

Binance Sees $150m Bitcoin Withdrawal

Another development contributing to Bitcoin’s newest price drop may have been a massive $150 million withdrawal on Binance. The withdrawal consisted of five transactions, all occurring in a single minute. All of them were recorded in the same block, according to reports.

The withdrawals were worth roughly 5,729 BTC and could indicate several factors, such as investment strategy, security issues, or preparation for a significant transfer.

Typically, a movement of such a large amount suggests that a crypto whale is removing their assets from the exchange. However, with the market being in such a delicate state, the move could have a significant impact, regardless of the whale’s motivations.

Last Chance to Buy WSM

Wall Street Memes (WSM), the biggest and most popular meme coin currently in presale, has entered the final phase of the token sale.

The project has raised over $25 million over the past few months, and right now, it is in the last few days of the token sale, which should end soon, in the final days of August.

The project warns that this is the last chance to buy before the token ends up listed on exchanges, which will happen in about 33 days from now.

Those interested in purchasing the token can use their credit or debit card in exchange for ETH, BNB, or USDT. The token’s price is $0.0337.

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