Bitcoin (BTC), the biggest cryptocurrency in the industry, has been stuck in a narrow range between $58,000 and $60,000 this week.
Bitcoin (BTC) price remained largely unchanged this week, even as American stocks continued to rally following the post-Black Monday crash.
On Aug. 14, Bitcoin price was trading at $59,200, which is slightly lower than the price at the beginning of the week. The biggest cryptocurrency in the world had a high of $60,200 and a low of $57,800 this week.
Bitcoin price remained stagnant even as more large American companies disclosed their Bitcoin exchange-traded fund (ETF) investments in their filings. Goldman Sachs revealed that it had $418 million invested in Bitcoin ETFs.
Other companies like Charles Schwab, Nomura, Citigroup, and Barclays also disclosed that they had invested in these funds.
Guess what these entities all have in common?
Royal Bank of Canada
Charles Schwab
Nomura
Barclays
Wisconsin Pension Fund
Soros Capital Management
Bank of Montreal
Citigroup
They all own #Bitcoin proxies of Q2 2024
Meanwhile, the Dow Jones index rose for three consecutive days and was just 2.5% below its all-time high. The Nasdaq 100 and S&P 500 indices also recovered, while the US dollar index declined.
Bitcoin price had positive headlines
In other news, Marathon Digital, one of the top Bitcoin mining companies, continued to accumulate BTC. It bought coins worth over $250 million this week, bringing its total holdings to 25,000.
Most importantly, there are signs that the Federal Reserve will start cutting interest rates now that the unemployment rate has risen to 4.3% and inflation is falling.
Bitcoin price remained largely within a narrow range this week, but it is likely to stage a comeback, especially if bulls push it above the resistance point at $62,513.
In an X post, Miles Deutscher, a popular crypto analyst with over 534,000 followers, noted that Bitcoin was getting boring and that it was entering the apathy/time capitulation phase.
He observed that the number of crypto-related views on YouTube had dropped by 30% in the past two weeks and that trading volume had fallen by 21%.
Data by DeFi Llama showed that decentralized exchange (DEX) volume in chains like Ethereum (ETH), Solana (SOL), and Arbitrum (ARB) had fallen by over 33% in the last seven days. Miles believes that this would be the best time to accumulate.
This feels eerily similar to August-October last year.
Retail interest is evaporating fast (YT views have fallen off a cliff over the past week)
Apathy amongst existing market participants
Lack of clear narratives
(and the #Bitcoin price action looks identical too) pic.twitter.com/Y37iDoeSOl
Technically, Bitcoin is hovering at the 200-day Exponential Moving Average while the accumulation/distribution indicator is in an uptrend, signaling that accumulation is ongoing.
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