Ah, dear reader, gather ’round as I tell you a tale not unlike those wild tales of Petersburg: Bitcoin, that capricious creature, has taken a tumble from its lofty perch-where it perched proudly just days ago-only to find itself slipping beneath several “important” supports (or so the scribes say). A tragedy? Perhaps. A comedy? Most assuredly, if one watches with the right eye.
By Shayan, a humble chronicler of digital fortunes lost and found.
The Daily Chart
Behold the daily spectacles: Our hero Bitcoin, once soaring with the enthusiasm of a goose on a midsummer flight, now descends steadily-a veritable melancholic plummet. It’s broken free from the clutches of the grand descending channel and waves goodbye to the famed $110,000 support, along with its trusty companion, the 100-day moving average. Like a drunkard unsteady on his feet, it stumbles onward.
What does this mean? Why, that the doors to suffering are open wide. Next stops: the $104,000 “fair value gap” if you trust such market sorcery, or even the weary 200-day average, hiding near the psychological abyss called $100,000. The RSI, a moody fellow indeed, lingers below 50-clearly siding with the bears. Bears! Those cruel beasts who delight in unearthing your wallets.
The 4-Hour Chart
Shift your gaze to the brisk rhythm of the 4-hour chart. Here, the market performs a repetitive dance of despair: lower highs and lower lows, choreographed within a tight descending channel, much like a tragic ballet of lost traders scratching their heads. Those marvelous $117K and $110K supports have been demolished and even tauntingly retested-oh, the market’s sense of irony! The next destination beckons at the mystical $104,000 fair value gap.
Once again, our RSI (that dour fellow) skulks below the 50 line, fueling the bearish choir’s lament. Price inches nearer the Fibonacci golden zone, that sacred pizza slice of retracement-78.6% to be exact-where some poor souls hope for a bounce. Will the market perform a charming pirouette or collapse in a heap? Only time, that sly trickster, shall tell.
Onchain Analysis
Exchange Reserves
Now, cast your eyes upon the curious case of exchange reserves: a purple line (not the mood of a noble duke but the quantity of Bitcoin held hostage upon exchanges) slinks downward alongside the white line tracing Bitcoin’s elusive price. Since early 2024, these reserves have dwindled-like Uncle Yakov’s savings after a night at the tavern-signaling that hoarders and institutions prefer to stash their treasures away in cold storage, far from the prying hands of eager traders.
In plain speak: the quantity of Bitcoin readily available for theatrics on the market’s stage shrinks. Supply tightens while rumor and desire chatter furiously. If demand remains steadfast, perhaps prices will rise like dough in a humble baker’s oven, but beware! These short-term dips may yet slap the hopeful with a comical, yet painful, cold fish.
Read More
- You Won’t Believe Polygon’s Wild Stablecoin Frenzy—But POL Has Other Plans
- FLR PREDICTION. FLR cryptocurrency
- USD HKD PREDICTION
- Brent Oil Forecast
- Shiba Inu’s Death Cross: A Drama Queen’s Fakeout ðŸŽðŸ’°
- Ethereum Staking: From Panic to Party Time! 🎉💰
- Will Crypto Soar as Fed Cuts Rates? 🚀💰
- USD INR PREDICTION
- CRV PREDICTION. CRV cryptocurrency
- SharpLink’s Bold Ethereum Move: $3.6B and Linea’s Layer-2 Magic
2025-08-31 17:36