August Weakness May Precede Stronger Markets for Bitcoin
Bitcoin's August price action is often characterized by weakness, but according to CryptoMichNL, this year may be different. The analyst suggests that despite current bearish momentum, stronger periods are ahead and traders should take advantage of this opportunity by accumulating positions while avoiding leverage.
The BTC price currently stands at $63,061.77 on the 4-hour chart, below both the EMA50 ($64,110.12) and EMA200 ($63,862.32), solidifying a bearish structure. The MACD death cross is at -362.49, indicating subdued momentum within the Bollinger Bands, with the upper resistance set at $65,332.63.
Institutional desks are now treating the 50-EMA as primary support and the lower band at $62,447.98 as a potential volatility exhaustion target before any seasonal rebound materializes.