heyn August 15, the price of bitcoin touched $25,000 before falling to the $25,000 range. Since then, the major currency has been experiencing a ‘pendulum’ price action movement. While market participants expect an uptrend, the price is currently on a volatile basis.
Previously, Bitcoin critic Peter Schiff had predicted that the flagship currency was about to crash because he believed that the bearish market would pull down BTC all the way to the $10,000 level.
At the moment, bitcoin is selling at $23,711 with a gain of 1.62% over the last 24 hours.
Despite the Bitcoin price facing a downward trend, the investors and traders are still hopeful for a bull run. One of the analysts at CryptoQuant, Chartoday, believes that the asset’s bullish indications appear active.
He predicted that with the current macroeconomic situation, the price of bitcoin may initially pull down around $26,000, but then see a massive rise to $32,000.
Bitcoin’s Active Supply Hit ATH
If the current price trend is considered, it is very likely that Bitcoin may indeed surpass the $25,000 mark due to its active supply.
A recent report from Glassnode shows that the active supply of bitcoin has reached an all-time high (ATH) of 24.298% over the past five years. This action could act as fuel for the rise in the price of bitcoin.
On the other hand, the RSI is acting as a dampner to the spirits of the investors. Currently, the Relative Strength Index (RSI) is not flashing notable buyer control as it is now positioned at 46.34.
Meanwhile, the Moving Average Convergence Divergence (MACD) associated with the RSI is trading lower than expected. This points to the fact that the selling pressure has gone beyond the control of the buyers.
In a nutshell, with these contradictory signs, Bitcoin’s price action in the short term might remain between $23,000-$25,000.
