A Bitcoin Price Analysis a day keeps the stop-loss away—at least, that’s what we tell ourselves when preparing the price analysis every Tuesday.
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More: Australia’s Booming Bitcoin ATM Market
Here is how Bitcoin performed this week:
- Bitcoin price change: Bitcoin price dropped from $59,000 to the press time $57,181, representing a 3.05% fall.
- Bitcoin (BTC) Market capitalization: BTC market capitalization fell from $1.17 trillion to $1.12 trillion over the last seven days.
- Top performing Bitcoin altcoins: This is the second consecutive week of a bearish Bitcoin Runes ecosystem, with only one token, MEME•ECONOMICS (MEMERUNE) gained over the last seven days, the memecoin recorded a 4.66% positive gain to reach $0.05691.
Bitcoin (BTC) price took a dramatic nosedive below the oh-so-crucial $55,724 this week, treating everyone to a thrilling 3.05% drop. Fortunately, the bears weren’t quite as ferocious as they wanted us to believe.
Turns out, they got tired and couldn’t keep up the sell-off. As a result, Bitcoin stumbled its way back to $57,000 within the last 24 hours.
The surge can be attributed to the U.S. BTC ETFs finally snapping out of their 8-day losing streak and throwing some positive flows Bitcoin’s way. As a result, Bitcoin swaggered back above $57,000 on Tuesday.
But don’t get too excited—according to Decrypt - experts have poured cold water on any glimmer of hope, and are already warning about the “sparse” catalysts for a long-term rally.
Impact of U.S. Presidential Election on Bitcoin (BTC) Price: Forecasts
Analysts at Bernstein gave some wild predictions, claiming the U.S. presidential election could have Bitcoin playing hopscotch with its price.
For example, they forecasted if Kamala Harris takes the win, they say we could be chilling in the $30,000-$40,000 range.
But if Trump gets back in the saddle, Bitcoin might decide it's time to enter the $80,000-$90,000 price zone.
Spot Bitcoin ETFs Performance
Who’s Got the Money?: On September 9, Spot Bitcoin ETFs recorded a total net inflow of $28.7196 million.
Fidelity's (FBTC) came in like the overachiever, grabbing a hefty $28.5 million, while Grayscale's (GBTC) apparently decided to have a fire sale, with an outflow of $22.7 million.
After over a week of outflows for $BTC ETFs, we had a positive day yesterday. Sure, $28m isn't world changing, but anything is better than the $1b outflow.$ETH still seeing outflows, but maybe this choppy, fearful market is experiencing a turnaround here. pic.twitter.com/6e4TAmDxgS
— Ben (@BKEighty) September 10, 2024
Weekly Bitcoin Price Analysis
By clawing back from the epic breakdown price of $55,724, Bitcoin price is preparing the stage for an epic showdown between the bulls and bears.
The buyers have managed to drag the price above this level and the 20-day EMA ($57,821), The next thing is for the BTC/USDT pair to gladly skip its way to the 50-day SMA ($60,608).
But that might or might not happen if the bears return and take-profit traders sell at $60,000. We could see another U-turn towards the 20-day EMA all the way below $52,550.
Abimbola Adu
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