Bitcoin Price Prediction: BTC Price Repeatedly Fails To Breach Its Important Resistance Zone

With the increased uncertainty in the cryptocurrency market, the price of Bitcoin has failed to hold its value above the $60,000 mark.

Bitcoin price failed to hold its value above the $60,000 mark as the cryptocurrency market experiences increased uncertainty. Notably, it has dropped approximately 8.86% over the past seven days and is presently hovering close to its support of $59,000.

Moreover, ARK Invest’s recent selling of $100 Million has created a FOMO-like situation among investors regarding its short-term Bitcoin prediction. Further, questions like “Will Bitcoin price hit $100K in 2024?” and “Will BTC Rise Up?” are highly searched.

As we approach the end of the year, many investors are curious about the future price movements of Bitcoin (BTC). Several are optimistic that BTC will reach $65,000 by September, while others anticipate a downturn.

In this article, we will uncover the market sentiments, price analysis, and possible Bitcoin price prediction for the upcoming month.

BTC Price Repeatedly Fails To Breach Its Important Resistance Zone

Over the past few hours, the Bitcoin price has repeatedly failed to break out of its important resistance level of $62,000. This highlights a strong selling point for the star crypto at that point. Further, it has formed a symmetric triangle pattern in the 1D time frame and has continued trading within it.

The technical indicator, RSI displays a constant flatline below the neutral point. This indicates a weak buying-over-selling pressure for the star crypto in the market.

On the other hand, the MACD has recorded a rising red histogram with a bearish convergence in the 1D time frame. This suggests that the Bitcoin price may continue losing value during the upcoming week.

Also Read: If Bitcoin Stays Above $60K, These Altcoins Will Drive Above 30% Gains

Bitcoin ETF August Report

During the 22 active ETF days in August, the BTC ETF recorded a positive flow for 13 days, or 69.23%. Reportedly, on the 23rd it recorded its highest single-day inflow with $252 Million and lowest inflow day on the 15th with $11.11 Million.

Notably, during these 13 days, it has added a total of $1,111.15 Million.

On the flip side, it recorded a negative outflow for 9 out of 22 days, or 30.77%. During this period, it recorded the highest outflow on the 2nd with $237.45 Million and the lowest outflow on the 29th with $71.79 Million.

Over the 9 negative days, the Bitcoin ETF has lost $1,205.45 Million. With this, the total net flow of Bitcoin ETF for August concluded at -$94.30 Million. This marks this month a negative one.

Will BTC Price Hit $65K This September?

If the market regains momentum, the Bitcoin price will prepare to retest its important resistance zone above the $62K level. Maintaining the price above that level will set the stage for the market leader to push itself toward its upper resistance level of $66,725 during the upcoming weeks.

Conversely, if the bears overpowered the bulls, the BTC crypto will drop toward its support trendline of the symmetric triangle pattern. Moreover, if the bears continue to dominate the market, it will further plunge toward its lower level of $55,000.

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