Today, of course, we look at the live Bitcoin price and the prices of the top 25 crypto. Then we look at the returns of the past week, with the crash of the weekend affecting the weekly results quite a bit. Then we look at the Bitcoin (BTC) price forecast for the coming week.
We begin, of course, with the live Bitcoin (BTC) price and the prices of the top 25 crypto.
Live bitcoin (BTC) price and prices top 25 crypto drop
At the time of writing, the live Bitcoin (BTC) price is quoting EUR 21,203.58 ($21,271.31). This is down 0.55% from yesterday and down 6.1% from Friday at lunchtime.
The prices of most coins in the top 25 crypto are also turning red. Uniswap (UNI) records the highest loss of the day so far at -4.74%. Apart from a few stable coins, we are not seeing any green numbers at the moment.
Bitcoin and Dogecoin coins with Shiba Inu Kabosu (Image: Unsplash)
Weekend causes negative returns Bitcoin and crypto
After Bitcoin (BTC) cut its teeth on resistance around $25,000 earlier last week, we saw massive profit taking this weekend. As a result, the price of BTC and other crypto currencies fell sharply. This has its impact on the weekly and monthly results.
Thus, for the return (ROI) over the past 7 days we see only red numbers except for the stable coins. The biggest loss was at -23.41% for Shiba Inu (SHIB). Bitcoin (BTC) recorded -12.90%. The damage was most limited for Leo Token (LEO), which lost only -0.03%.
Naturally, this negative week is also reflected in the monthly results. Fortunately, however, we also see positive figures. Over the past 30 days, Ethereum Classic (ETC) recorded the largest gain with +28.46%. The biggest loss over that period was for Solana (SOL) with -15.01%. Bitcoin (BTC) finished in the middle with -6.70%.
On the site of Tradeincrypto.com you can analyze all results and all live crypto prices 24 hours a day.
What do profit-taking mean for the BTC price trend in the coming week?
This weekend’s profit-taking and accompanying price declines have broken the bullish Bitcoin price trend. The price decline went so hard on Friday night and Saturday that the price fell through key support levels, such as the 200-week moving average (around $22,900) and the psychologically important $22,000 mark.
Coins (Image: Pexels / Alesia Kozik)
As a result, the currency is still in the consolidation zone between $20,000 and $25,000, but short-term sentiment appears bearish.
Yet analysts are seeing signs that appearances are deceiving. For example, noted analyst Willy Woo sees that the price declines have not led to massive transfers of wallets to exchanges. This indicates that investors are waiting for an opportunity to buy the dip, thus speculating on a quick recovery.
Santiment analyzes that many short positions are currently being taken. In doing so, these traders are going against the market, which is a bullish sign according to these reputable analysts.
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After #Bitcoin fell below $20.9k and #Ethereum below $1,540 yesterday, markets have rebounded a bit. Exchanges are seeing high levels of #short trades coming in, as people fear drops to June levels again. As long as they bet against markets, there is a higher chance of a rise. pic.twitter.com/Ang11S6f7R
– Santiment (@santimentfeed) August 21, 2022
This opinion is underlined by other analysts such as the Dutch Michaël van de Poppe. They expect a bull trap to take place that will scare the leverage traders out of the market. As soon as they are gone because their options are liquidated, they expect the BTC price to rise strongly and structurally.
In the longer term, analysts are therefore positive. JP Morgan states that a superlative recession is coming. Here the Bitcoin (BTC) would play a role as a hedge. Skybridge Capital also sees a strong recovery and expects that the price of Bitcoin could rise to $300,000 during this period.
The well known logo of Bitcoin (Image: Pexels / Roger Brown)
However, it seems that this will not happen anytime soon. Indeed, at the moment about 50% of Bitcoin investors are quoting a positive return (for a recovery this should be less). They also signal that, based on historical analysis, a price decline is still to be expected. Indeed, September is a historically bad month for the Bitcoin (BTC) price.
These are the Bitcoin (BTC) price key quotes in the short term
For the coming week, eyes are mainly on the FED Jackson Hole symposium (August 25-27) where the world’s leading bankers will come to discuss the economy, inflation and possible Central Bank action.
The rising hash rate for miners and the fact that investors are not transferring money to the exchanges are bullish indicators, but this does not seem to be enough.
In fact, we see a bearish trend reinforced by the fact that the RSI has fallen below 50. Based on Fibonacci analysis, we see that the BTC has completed an A-B-C correction structure. Another possibility is that there is one more correction to come. This option is validated if the BTC price were to break below the $19,300 horizontal support zone.
Crypto (Image: Pexels / Karolina Grabowska)
Thereby, the price movement is currently consolidating between $19,300.00 and $22,000.00.
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Want to stay up to date on the latest stock price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. So it could be an exciting afternoon.
Note: We never give financial advice, so you can’t interpret our contributions that way either. Always do your own research and decide rationally if, when, what and how much you want to invest in.