Bitcoin Price Prediction: BTC/USD price action is narrowing indicating of some vulnerabilities, the fall may not be quite over yet

Bitcoin on Monday has remained on the back-foot, down around 1%, with eyes on support being tested.
BTC/USD price action has been narrowing over the past two sessions, making it appear vulnerable to another drop.

Ken Chigbo Independent Analyst

The Bitcoin price was seen on the back-foot throughout Monday’s sessions, continuing the soft trading that has been in place since the 23rd July sell-off. Across the board the cryptocurrency market has been very unstable, since the decent rally from 16th – 23rd July. Some participants had hoped this was the start of the bull-run again.

BTC/USD saw large buying pressure from 16th July, where the price gained over 36%, highs were seen at $8507. Given the big run in such a short-time period, it did make the price susceptible to a pullback, it has lost almost 20% of that upside move.

Technically, BTC/USD is currently dipping in and out of near-term support, tracking from $6900-6800, a breach can see a fast fall to around $6100, where the next demand zone is seen. Given the number of times this has been tested, it makes it liable.

BTC/USD 60-minute chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

Ripple and Stellar outlook: XRP awaits a breakout, XLM rally gathers pace

Ripple steadies at $1.19 below the upper boundary of its falling channel after facing rejection. Meanwhile, Stellar extends its gains, rallying over 25% so far this week. Derivatives metrics suggest a cautious outlook for XRP, while XLM's improving futures positioning suggests a bullish outlook.

Crypto Overview: Bitcoin loses $65,000 while Ethena and Stellar advance

The broader cryptocurrency market remains divided with Bitcoin slipping below $65,000 after Kevin Warsh’s hawkish speech the previous day, while altcoins like Ethena and Stellar advance upwards. Demand for altcoins with real-world utility, linked to stablecoins or tokenized stocks or bonds, fuels the short-term buying pressure.

Binance founder CZ urges governments to tokenize stock markets and launch sovereign stablecoins

Binance founder Changpeng Zhao has called on governments to tokenize their stock markets and issue sovereign stablecoins, arguing that blockchain technology can expand access to capital markets and increase the global use of national currencies.

Bitcoin remains under bearish pressure despite recent rebound — Glassnode

Bitcoin (BTC) remains well below key onchain metrics, with realized losses continuing to dominate capital flows despite a partial price recovery. The top crypto rebounded from lows near $60,000 to the $65,000 range after the US-Iran peace deal reversed much of the war premium that had weighed on risk assets.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.