After a series of negative news last week, which caused a collapse in the crypto market, the so-called sideways period has arrived. Crypto analysts believe it is temporary. And big capital continues to build up positions.
Bitcoin
From August 18 to August 25, the value of bitcoin remained almost unchanged. During the whole week, the price of BTC remained around $26,000. Volatility was low again: not once in seven trading sessions did the price change even by 1.5%.
The absence of any bitcoin dynamics is explained by the fact that, by and large, there were no loud news that would have stirred up the cryptocommunity. Now the prevailing reasoning is that bears prevail and BTC will continue to fall. For example, this is the opinion of crypto analyst Bluntz, who expects a correction of 15%. He is also supported by another crypto professional, DonAlt. He shared his opinion that the market is now dominated by bears. Further than others in pessimistic forecasts went Justin Bennett (Justin Bennett), who believes that bitcoin is quite capable of collapsing twice.
With all this, large capital continues to accumulate positions. The analytical platform Santiment published information according to which the number of wallets containing between 10 and 10,000 BTC amounted to 156,600. Moreover, these accounts have increased by $308.6 million since August 17.
But Blackrock, the world’s largest investment company, prefers to invest in mining companies. According to Greenpeace estimates, it owns assets worth $600 million. Among the companies whose shares Blackrock owns are such giants as Marathon Digital and Riot Platforms. Investments in publicly traded organizations alone total $400 million.
From a technical analysis point of view, a sideways trend is emerging, with bearish tendencies clearly still prevailing. The price remains below the 50-day moving average (marked in blue). The support and resistance levels remain unchanged from last week: $24,800 and $30,000 respectively:
The Fear and Greed Index rose to 39 from 37 in seven days. This is still indicative of the neutral sentiment that prevails among BTC investors.