I will need to begin by saying that last week was a very tough week both in crypto and gold market due to how volatile the market was. Gold however, ended last week bullish with about 4.85% increment as price moved from 3314 at the lower territory to 3476. gold really performed well last week. currently price holds resistance at $3,476 price level. Possibilities are that gold might be heading to $4,000 price level as we have noticed notable increment in buy volume.
It was nice to touch a little on gold analysis, at least it was just to remind us of the precious metal. We will now dive into Bitcoin market price reviews from last week price behaviors , changes and what we may likely see this week.
So Bitcoin surged to a new all time high of approximately $124,000 , driven by strong institutional demand and favorable market conditions. However, the price failed to sustain this level, experiencing a significant decline due to increase profit-taking and massive outflows from Bitcoin ETFs { exchange traded funds}.
price dropped to 111,600 price level on the 22 August,25, where we found a minor support that led to a little bullish move to about 117k price territory, which was the last point of demand. Bitcoin resumed the down trend, breaking the previous minor support level at 111,600, fueling more selling pressure as we constantly experience massive outflow from ETF market with over $3.97 billion in the last 3 weeks. Currently, as at the time of writing, $BTC price keeps dropping, priced at $108,500 territory.
Okay! I will do this as quick as possible. I was actually expecting Bitcoin to touch $110k price again during this leg up. However, price only hit $109,907 price level and resumed the down move into lower territory.
On the other hand, If price breaks the resistance level at $111,222 price level and hold, we should be expecting price to appreciate further to $117k price territory. I understand that a lot of investors are curious about seeing BTC new ATH, unfortunately, this won't happen immediately, at least not in the next few weeks to come { of course you don't need to agree with me}. Interact with the market wisely by making good trading decisions and avoid impulsive actions by building a good entry and exit plan for a progressive market engagement. Thanks for stopping by.
All the images are screenshots from my trading view account.
Am looking forward to reward your comments.
