BIT Daily Market Briefing 08/14 - Bitcoin price is expected to drop again by around $5,000 in the short term
The BTC market shows signs of seller dominance, and it is expected that the price of Bitcoin will decline again in the short term, potentially by around $5,000. Currently, the 14-day Relative Strength Index (RSI) no longer indicates an oversold condition, which suggests that the market may have further room to decline, consistent with the recent dominance of sellers in the $60,000 range.Daily Market Briefing 2024/08/13 12:00 UTC+8
Analyst Opinions
"After experiencing several months of relatively heavy distribution pressure, the behavior of Bitcoin holders seems to have shifted back to holding (HODL) and accumulation. Over the past 3 months, more than 374,000 BTC have moved into LTH (Long-Term Holding) status." - Glassnode
"Whether the SOL ETF can pass next year depends on whether the government changes personnel. Gensler will not stay, and the government will not choose Gensler 2.0 again. If the Republicans take over, anything is possible, especially since Trump has been establishing some kind of relationship and making breakthroughs with these people." - Eric Balchunas, ETF Analyst @Bloomberg
"The BTC market shows signs of seller dominance, and it is expected that the price of Bitcoin will drop again in the short term, possibly by around $5,000. The current 14-day Relative Strength Index (RSI) no longer indicates oversold conditions, which means the market may have further room to decline, consistent with the recent dominance of sellers in the $60,000 range." - Alex Kuptsikevich, Senior Market Analyst @FxPro
Market Highlights
Yesterday, the net inflow of Bitcoin spot ETFs in the U.S. was $39 million.
Yesterday, the net inflow of Ethereum spot ETFs in the U.S. was $25 million.
Tether Treasury minted an additional 1 billion USDT on the Ethereum chain.
Grayscale launched the MKR Trust, Grayscale MakerDAO Trust.
The repayment to Mt. Gox creditors may be nearing completion.
Investment and Financing Information
Tether made a strategic investment of $3 million in the remittance and financial management platform Kem.
Essential completed a $11 million Series A financing led by Archetype and launched Pre-Alpha Devnet.
Regulatory Dynamics
- The Hong Kong Monetary Authority and Cyberport launched the GenA.I. sandbox to promote the application of artificial intelligence in the financial industry.
