Bitcoin price declined by 25% during the sudden market downturn on August 5. However, the current recovery phase suggests that the decline on August 5 is likely a bear trap.
Therefore, BTC will likely record a new all-time high at some point in 2024. Bitcoin is trading above $60,000 on August 14. Closing above this level will likely signal an uptrend in the coming weeks.
Notably, Bitcoin’s price charts indicate a weakening downward trend and a possible recovery rally.
Bitcoin Flashes Bullish Signs as Bearish Trend Wears Off
According to swing trader Roman, Bitcoin shows strong bullish signs on the one-week chart. BTC has formed a bullish hammer candle, which indicates a possible uptrend ahead.
Also, Roman identified favorable macroeconomic signals that confirm a bull run ahead for Bitcoin and other cryptocurrencies.
He believes BTC can break above $79,000 and set a new all-time high in the coming months.
Meanwhile, Glassnode revealed that Bitcoin whales with at least 1,000 BTC moved most of their BTC from exchanges in 2015.
In the past 30 days, about 73,350 BTC tokens were moved from whale exchange balances. Bitcoin withdrawals from exchanges are often bullish signals since the token holders will hold them rather than sell them.
Glassnode data also noted that the last time Bitcoin whales withdrew such an amount of BTC was in 2015.
Interestingly, the withdrawal led to the massive bull run that moved BTC to trade at $20,000 by December 2017.
Rate Cuts Looking Friendly for BTC
Meanwhile, CME data reveals that investors are 100% confident that the United States Federal Reserve will cut its interest rates.
This week is vital to the upcoming Federal Reserve interest rate forecasts. Moreover, the US CPI data release date is August 14.
Meanwhile, the crypto market shows a neutral sentiment, with the buyers and the sellers battling for control.
However, Bitcoin’s improved price outlook will likely influence the performance of the altcoins and memecoins positively.
If BTC breaks above the $65,000 price level in the coming days, it will likely rise to $70,000 soon.
Nevertheless, macroeconomic events and volatility in the crypto market often influence Bitcoin’s performance.