The month of August began with Bitcoin falling by 1.43% in the last 24 hours.
In July, Bitcoin (BTC) saw a surge of almost 18%, putting a hold on the market’s brutal bloodbath in the first quarter.
Except for Polkadot, Shiba Inu and Tron, all other top crypto tokens traded lower.
The past several days were pretty good because the US Federal Reserve raised the interest rate by 75bps, and President Biden reinvented the meaning of a recession.
The recent rising price movement is in line with the uptick in the market mood.
Investors seem to think that the macroeconomic conditions have already been priced.
However, BTC couldn’t sustain and settled below $24,000 shortly after.
As far as the other significant currency Ethereum is concerned, it also fell by 0.43% in the last 24 hours.
Recently, 2.47 million BTC were bought by roughly 3.67 million addresses for an average cost of $20,650. So Bitcoin has a chance of supporting the bullish forecast if this big demand wall holds.
On the contrary, a $20,650 support level loss might cause a significant decline. Furthermore, it will result in investors panicking and selling out, which might further drive Bitcoin down to the following significant level of support, which is located at about $11,600.
Predicting what to expect next for the cryptocurrencies in the coming months is difficult.
However, it seems that the macroeconomic conditions that affected the markets have factored in, and we might see little stability finally.