Bitcoin's Silence Raises Questions
Bitcoin (BTC) has gone silent over the weekend, leaving investors wondering about the next move. CryptoQuant CEO Ki Young Ju suggests that the decline in Bitcoin's velocity may be a positive sign or a negative one, depending on how you look at it.
JPMorgan Analysts Weigh In
JPMorgan analysts believe that Bitcoin's downtrend may be coming to an end. They point to the declining open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange as an indicator that the long liquidation is over.
Select Altcoins Show Strength
While Bitcoin remains range-bound, certain altcoins are showing signs of strength. These altcoins may present a trading opportunity if Bitcoin's range continues or turns upwards.
Bitcoin Price Analysis
Bitcoin formed an inside-day candlestick pattern on Aug. 26, indicating indecision in the market. The bearish indicators suggest that bears are currently in control, but the bulls will fight to defend the $24,800 level.
Bitcoin 4-hour Chart
The 4-hour chart shows a balance between supply and demand, with the price hovering near the moving averages. If the price falls below $25,700, it could drop further. On the other hand, if it sustains above the moving averages, it may signal a bullish trend.
Toncoin Price Analysis
Toncoin (TON) is forming an inverse head and shoulders pattern, suggesting a potential uptrend. If the price breaks and closes above $1.53, the TON/USDT pair could start a new uptrend with a target of $1.91.
The bears, however, will try to keep the price below the moving averages to thwart the bullish momentum.
