The cryptocurrency market stumbles weakened as BTC price slumps towards a new two-week low at $25,813, marking a -4.12% slip and signaling a dire market forecast. This comes alongside the void of the perceived “Grayscale hype”, rendering slim chances for an upside price move, hence the overall cryptocurrency market remains beleaguered.
Yet, laced with a hint of optimism, the cryptocurrency’s performance tinged with volatility leaves some semblance of zest, owing to the plunging value, a characteristic embraced by crypto enthusiasts. Crafty traders may well take advantage of the August monthly close where BTC/USD lost 11.2% last month.
Despite selling pressure and weekly relative strength index (RSI) values plummeting towards a key rising trendline, experts suggest this downside risk could contain a silver lining. Proposing that flagging points of various levels down to $23,000 could position themselves as favorites among traders, this trend could instigate the much-needed thrust in otherwise bleak market sentiments.
Nonetheless, a contextual panorama painted by on-chain monitoring resource CoinGlass suggests September could potentially witness losses stretching between 7% to 13%, tracing the historical norms. In the event of a surprise rally, noted experts forecast resistance up to $27,200, bringing the market to a volatile yet invigorating playing field.
Simultaneously, an unexpected protagonist emerges in this scene; The U.S. dollar, with marked strength retesting June highs, impacts bitcoin performance. The U.S. dollar index (DXY) lingered above 104 at the time of writing, evidencing potential in continuing an uptrend initiated in mid-July. This interplay between DXY strength and BTC price remains somewhat contested as the previously noted inverse correlation has been called into question over the past year.
Navigating such a tenuous terrain punctuated by turbulence requires vigilance. While the market doesn’t promise assured gain, the crypto community’s resilience underscored in embracing volatility sets the market for intriguing plays.-
Source: Cointelegraph
