RATE Group | Bitcoin Lost 10% in August But May Have Made Long-Term Bottom
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Bitcoin Lost 10% in August But May Have Made Long-Term Bottom

31 Aug Bitcoin Lost 10% in August But May Have Made Long-Term Bottom

Posted at 11:38h in Bitcoin News by

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Bitcoin (BTC) is all set to end August with double digit-losses, but a closer look at the price action suggest better times lie ahead for the leading cryptocurrency.

At time of writing, BTC is trading at $6,940 – down 10.7 percent from the month’s opening price of $7,727, according to CoinDesk’s Bitcoin Price Index. However, losses would have been much bigger had prices not recovered from the six-week lows below $5,900 seen on Aug. 14.

Indeed, the bitcoin market has witnessed a solid two-way business this month.

Sellers dominated the first half as the markets reacted to the US Securities and Exchange Commission’s (SEC) disapproval of a Winklevoss bitcoin exchange-traded fund (ETF) in late July. However, by mid-August, the bears had run out of steam and the technical charts were calling for a corrective rally. Accordingly, BTC picked up a bid and moved above $6,400 in the third week.

Notably, the short-term bullish reversal signals gained more credence after the cryptocurrency…

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