Bitcoin had barely touched the crucial $25,000 mark when it saw a 5% fall to the lows of $22,000. The $25,000 level proved to be a hard nut to crack. As such, August 17 emerged into a sellers’ market with Bitcoin dumping and testing the $23,300 support. This came about hours before the release of the Federal Open Markets Committee (FOMC) minutes from the July meeting.
At the time of writing this article, Bitcoin was down by 2.83% in the last 24 hours and trading at $22,776, as per data from CoinMarketCap. Ethereum lost 2.03% of its value in the last 24 hours and is changing hands at $1,811.
Nauman Sheikh, the managing director at Wave Financial, says Bitcoin is in a range bound and struck $25,000 which is a major resistance level. He said Ethereum also hit a 2000 resistance level. Sheikh outlined that the market is in a mode where the macro environment is supportive of the market, and the resistance levels will once again be retested. Moreover, he believes that the crypto speculation has returned. He shared that crypto anatomy narratives are strong and speculation is going on. However, it’s not all about the top two cryptocurrencies BTC and ETH. The narrative is spreading and people are beginning to take more risks.
Analysts believe there are three scenarios in terms of the current price action. Bitcoin could see movement between $21,000 – $23,000; $23,000 – $25,000; and $25,000 – $26,000. It’s likely for the bulls to push BTC prices above $25,000 in the next 24 hours.
