Bitcoin Prints Death Cross Amid Weak Trading Volumes

Bitcoin's August rally of over 30% has raised questions about its next move. However, weak trading volumes have kept investors on edge.

According to Nonzee, a macro and on-chain analyst, Bitcoin has printed its first death cross in three years. This pattern has appeared at the end of previous bottom-formation cycles and before some of Bitcoin's strongest bullish reversals.

Darkfost, a CryptoQuant analyst, noted that the biggest change was the gap between Bitcoin's August price move and how the market actually traded. He said that while the volumes picked up from July, 'these volumes are holding at levels not seen since September 2023, meaning three years.'

A drop below $58,000 is possible, but James Check, an on-chain analyst, said it's not likely. He added that a move back above $80,000 would improve the outlook.