Bitcoin is currently trading between $116K and $126K, with analysts predicting sideways movement in August before a potential correction in September.
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Bitcoin remains in an ascending channel, capped near $126K with support holding strong around the $116K–$117K zone.
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Analysts project sideways moves until September, where forecasts indicate a strong correction before momentum resumes higher.
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On-chain data shows large wallets continue accumulating Bitcoin, with healthy funding rates and no major sell-offs detected.
Bitcoin trading analysis: Expect sideways action before a potential correction in September. Stay informed and prepared.
What is Bitcoin’s Current Trading Situation?
Bitcoin is currently locked in a tight trading channel between $116K and $126K. Analysts expect this sideways movement to continue until early September, with a strong correction anticipated thereafter.
Why Are Analysts Cautious About September?
Charts indicate that Bitcoin’s price has been capped around $126K while the $116K–$117K support zone remains strong. Analysts caution that a correction could reshape market momentum as September approaches.
Frequently Asked Questions
What are the key levels to watch for Bitcoin?
Key levels to monitor include the resistance at $126K and support around $116K. Traders are focusing on these zones for potential short setups and buying opportunities.
How does on-chain data influence Bitcoin’s price?
On-chain metrics show that large wallets are accumulating Bitcoin, indicating strong demand. This data can influence market sentiment and price movements significantly.
Key Takeaways
- Sideways Action Expected: Bitcoin is likely to trade within a narrow range until September.
- Potential Correction Ahead: Analysts warn of a possible price drop in September.
- On-Chain Accumulation: Large wallets continue to buy Bitcoin, indicating bullish sentiment.
Conclusion
In summary, Bitcoin’s current trading situation is characterized by a tight range between $116K and $126K, with analysts anticipating a correction in September. As on-chain data shows continued accumulation, traders should remain vigilant and prepared for potential market shifts.
BTC/USDT Perpetual contract 8-hour price chart, Source: DrProfitCrypto on X
