Cryptocurrencies Price Prediction: Bitcoin, Stellar & Crypto – European Wrap 6 August
Bitcoin Price Forecast: BTC stuck below $114,000 as ETF outflows extend to four days
Bitcoin (BTC) remains under pressure on Wednesday, trading below $114,000 after a failed attempt to reclaim its $116,000 resistance, as institutional demand weakens further. US-listed spot Exchange Traded Funds (ETFs) recorded $196 million in outflows on Tuesday, extending their losing streak to four consecutive days. Meanwhile, Japan’s SBI Holdings made headlines by filing for a dual-asset crypto ETF, which, if approved, would provide exposure to both BTC and XRP.
Stellar Price Forecast: XLM downtrend likely to continue as bearish bets surge
Stellar (XLM) depreciates by nearly 2% at press time on Wednesday as it continues to trade within a falling channel pattern on the 4-hour time frame. Investors anticipate a steeper correction as optimism in XLM derivatives wanes, with bearish bets rising and open interest declines.
Summer break for the crypto market
The cryptocurrency market began August with a relatively narrow range of $3.6-3.8 trillion, ending Wednesday at $3.72 trillion. The support received in the area of previous peaks set in December and January suggests that this is a temporary pause to lock in profits and gain liquidity before a new surge. At the same time, however, such sluggishness is turning away the most active traders, who are used to seeing multiple rallies. Now they have moved on to very small projects.
Author
FXStreet Team
FXStreet
