After opening August with a bearish outlook, Bitcoin’s (BTC) price continued to bleed in the past 24 hours. The flagship coin had slipped more than 2 percent to trade at about $63,981 on Friday during the early European session.
The trend extended to the altcoin market, pushing the total cryptocurrency market cap to about $2.39 trillion. This drop led to over $245 million in liquidations from the crypto derivatives market in the last 24 hours, mostly affecting long-position traders.
High Activity Among Bitcoin Whales
Despite growing geopolitical tensions in the Middle East, the crypto industry is seeing increased on-chain activity. With the risk of these tensions devaluing fiat currencies, many investors are turning to cryptocurrencies for stability amid global economic uncertainties.
According to the latest market data, the US spot Bitcoin ETFs registered a net cash inflow of about $50.64 million on Thursday. Meanwhile, MicroStrategy reiterated its commitment to the Bitcoin strategy by planning to raise $2 billion to purchase more units.
What’s Next for Bitcoin?
CryptoQuant’s data suggests that after the recent downturn, we might see a period of consolidation before a potential breakout to new all-time highs. Over the past five months, Bitcoin’s price has been in a defined consolidation range, currently moving in a downward trend that could signal a bullish flag.
Technical analysis indicates that Bitcoin’s price might drop to between $48,000 and $53,000 in the coming weeks before a likely bullish rise.
The expected interest rate cut in the US later this year, along with the general election, is anticipated to boost the cryptocurrency market’s outlook.
What are your thoughts on Bitcoin’s future? Share your predictions.
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