Bitcoin’s Puzzling Standoff
Following a nosedive on August 17, Bitcoin has found itself trapped in a range that’s about as motivating as a Monday morning. An impressive 88% of Bitcoin owned by short-term holders (those are the folks who’ve had it for 155 days or less) are now staring at losses, according to the latest chatter from Glassnode’s weekly newsletter, “The Week On-Chain.” These short-term holders, who usually buy high and sell low, are trading with heightened price sensitivity, making the market feel about as secure as a cat in a room full of rocking chairs.
Long-Term Holders: Steady as She Goes
While short-term holders are sweating bullets, the long-term holders appear as cool as cucumbers in a salad. They aren’t panicking nor rushing to snag some discounted coins during this rollercoaster. It’s like watching a seasoned poker player remain unfazed while their hand goes south, confident that patience is a virtue.
The Anticipation of Powell’s Speech
Eyes are peeled for Federal Reserve Chairman Jerome Powell’s anticipated speech at the annual Jackson Hole Economic Symposium on August 25. Traders are crossing their fingers, hoping for bullish news. Historically, post-Jackson Hole can be a mixed bag for stocks, but with any luck, the airwaves will spark a little flame under those risky assets.
Key Support and Resistance Levels
Bitcoin has been twiddling its thumbs in a comfortable range between $24,800 and $31,000. Traders are following the age-old adage: buy the dips, sell the rips. With the moving averages trending downwards and the RSI hanging out in the oversold territory, sellers are feeling like kids in a candy store. Should the price break below $24,800, expect the bears to come out swinging. Meanwhile, bulls are hoping to garner some momentum above $26,833, eyeing a ride up to the 20-day EMA at $28,098.
Altcoin Circus: The Rest of the Gang
Other cryptocurrencies are keeping things interesting as well. Ethereum is vapor-locking below $1,700 while BNB is stuck below the crucial $220 mark, fighting off the bears like a heavyweight champ. XRP had a brief bounce back, hovering near $0.56, while Cardano is caught up in a struggle between support and resistance at $0.24 and $0.28, respectively. Meanwhile, Dogecoin is just trying to hold on to its dignity at $0.06, with any break below that potentially leading to a plunge.
The Crystal Ball of Future Trends
Crypto enthusiasts are head over heels for insights into trends but the truth is, predicting the market is about as easy as finding a needle in a haystack. As we gear up for Powell’s speech and the next big moves, here’s hoping the bulls get a little more pep in their step!
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