Selling might build up, and BTC could target below $25,000 if this scenario plays out
, selling might build up, and BTC could target below $25,000, possibly as low as $24,756. A rally above $26,399 would suggest that the advantage has shifted in favor of buyers. This might spark an increase to $27,695 and, finally, to $28,142.However, the daily RSI flattening below the neutral threshold of 50 may indicate that both bulls and bears are skeptical about the upcoming move, with the bears holding a slight advantage.
Thus, it might be necessary to watch for a break above $26,399 or a dip below $24,756 to adjudge BTC's next move.On Monday, the whole cryptocurrency market was trading down as Bitcoin's weakness drove other altcoins lower, with many touching multiweek lows. This shows that the broader crypto market is firmly under bearish control.
Increased volatility might be implied as traders anticipate the release of key inflation figures later this week., the United States will release August CPI and PPI numbers this week, while the European Central Bank will announce its interest rate decision. Year-on-year inflation is forecast to rise from 3.2% to 3.4%, while core inflation is expected to dip from 4.7% to 4.5%.
Nonetheless, despite the dismal Bitcoin price action, the BTC network has seen some headway. According to IntoTheBlock, Bitcoin registered the largest number of new daily addresses since 2017 over the weekend, the second largest in its history.
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