Bitcoin price is swing within the same unvaried positions for nearly a week and hence manifests the possibilities of revisiting the lower support soon. In the meantime, the address holding 1+ BTC reached an ATH and the total transaction volume on the Bitcoin network spiked to $100 trillion.
While network activity is increasing, why is the price of BTC stuck within a limited range?
It is interesting to note that the volume has surged significantly since the beginning of August while the prices remained low-key. Therefore, the asset might have faced an equal buying & selling action which has perplexed the investors. Now, when the consolidation is heading toward the north, it is mandatory for the BTC price to sustain above $21,000.
One of the popular analysts, Michael van de Pope, marks the rally’s upper target here if lower support is held at $21,000.
The analyst believes that the upcoming coupleof hours could be crucial for the entire crypto space as the PCE numbers are about to be released. It is a measure of People’s living in the US which is currently around 123.19. Additionally, Jeremy Powell, Fed-Chair’s speech at Jackson Hole addressing the central banker’s meeting is expected to be a decisive factor for the upcoming rally.
Hence, analysts believe that the crypto space, in particular, bitcoin can expect a fake or short-term surge in the coming hours. Hence investors need to be more cautious for the next 24 hours trading.
