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Those waiting for deeper dips hope for continued decline, while this year’s buyers grow increasingly anxious. Significant capital outflows from altcoins have rapidly eroded their prices. BTC has started showing abnormal movements on the eve of weekly, monthly, and quarterly closures. What’s next for the cryptocurrency markets? What awaits investors?
Bitcoin (BTC)
At the time of writing, BTC was at $61,600, having rebounded from $59,950 yesterday. The king of cryptocurrencies continues to fluctuate. Only hours remain for important candle closures, and BTC price tends to increase volatility during such key periods.
In a few hours, there will be weekly, monthly, and quarterly candle closures. Popular crypto analyst Daan Crypto Trades reviewed the order book data on exchanges in his latest market assessment and wrote:
“Over $500 million was bid below the price (but mostly withdrawn), and open interest is increasing. As mentioned, I doubt we will see our usual weekend price action. There is relatively a lot of movement. Quarter-end (3-month candle closure) usually causes some interesting movements.”
According to CoinGlass data, the buyer intensity strengthening towards $59,500 solidifies the wall below $60,583.
Will Cryptocurrencies Rise?
A few hours ago, we discussed expectations for the coming days. Significant volatility is expected on Friday due to macro developments. Powell will also make some statements in the coming days. BTC has been signaling overselling for a long time, and it may be time for a direction.
The second crypto analyst, Michael Poppe, maintained his optimism about price performance:
“I think the correction is almost over. We haven’t experienced much worse in previous cycles. Bitcoin’s candle closures are approaching.”
BTC fell by 13.8% in the second quarter, with most losses occurring in June. At this stage, with volumes easing, we will see if a rapid turnaround occurs. Experts generally liken these days to mid-2021 and expect the Fed’s easing, influenced by the November elections, to support risk markets. At the same time, concerns about ETHE sales, billion-dollar BTC sales by governments, and the effects of MTGOX returns may weaken by that date.
