Last week, a re-entry into the circulation of cryptocurrencies was evident, which was considered positive. However, the first reactions had been downward.
Bitcoin, the main cryptocurrency, accelerated in the last few hours and exceeded US$63,000, while Ethereum approached US$2,500.
Last week, a re-entry into the circulation of cryptocurrencies was evident, which was considered positive. However, the first reactions had been downward.
Bitcoin Prediction: The Market Needs New Demand
The cryptocurrency market is in a moment of great expectation tailored moving towards the last quarter of the year, with Bitcoin and Ethereum leading the projections for the coming months. Bitcoin, in particular, maintains notable stability, trading between US$60,000 and US$70,000 over the last six months, while growing demand places significant pressure on its limited supply.
The current increase in BTC supply without the demand to absorb it may cause its price to decline for the time being.
The readings of Fibonacci Retracement of Bitcoin indicate that if the selling pressure gains momentum, the price of the leading cryptocurrency has already pierced the 60,000 dollars to test support on $58,464. If the bulls fail to defend this level, Bitcoin price could fall to this latest low.
At the same time, Buenbit experts highlighted that Solana captures the attention of investors, “thanks to its ability to process thousands of transactions per second and its solid DeFi ecosystem, positioning itself as an attractive alternative to Ethereum.”
According to the exchange’s report, the week’s positive data comes from crypto adoption in Argentina, which became the main crypto market in Latin America. surpassing Brazil in estimated cryptoasset inflows between July 2023 and June 2024.
Source: Ambito
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