Bitcoin needs to close the week above $78,000; otherwise, the market risks slipping into a prolonged decline. This conclusion was reached by Charles Edwards, founder of Capriole Investments, after the cryptocurrency fell below $75,000.
The sharp drop was triggered by the U.S. Senate, which blocked the CLARITY Act bill regulating the crypto market. This led to a wave of liquidations totaling $771.82 million over the day and outflows from spot ETFs amounting to $450.4 million.
📉 Analysts’ forecasts are split:
-Charles Edwards (Capriole): The September price move is squeezed within the $77,100–$78,400 range. As long as BTC is trading around $75,900, the long-term trend remains bearish for 12–18 months. The current rally will start only after a consolidation above $93,500.
-Credible Crypto: Believes the pullback is local. The bottom is within 10% of current levels (around $68,300), after which Bitcoin is expected to see a major rise of more than 200%—above the $200,000 mark.
The loss of a political catalyst has pushed the market back toward defending key technical levels. Traders’ main signal will come at the end-of-week close.
#bitcoin #CryptoMarket #Capriole #BTCPrice #CLARITYAct
The sharp drop was triggered by the U.S. Senate, which blocked the CLARITY Act bill regulating the crypto market. This led to a wave of liquidations totaling $771.82 million over the day and outflows from spot ETFs amounting to $450.4 million.
📉 Analysts’ forecasts are split:
-Charles Edwards (Capriole): The September price move is squeezed within the $77,100–$78,400 range. As long as BTC is trading around $75,900, the long-term trend remains bearish for 12–18 months. The current rally will start only after a consolidation above $93,500.
-Credible Crypto: Believes the pullback is local. The bottom is within 10% of current levels (around $68,300), after which Bitcoin is expected to see a major rise of more than 200%—above the $200,000 mark.
The loss of a political catalyst has pushed the market back toward defending key technical levels. Traders’ main signal will come at the end-of-week close.
#bitcoin #CryptoMarket #Capriole #BTCPrice #CLARITYAct
