- Bitcoin fell to a two-month low as $1billion of losses occurred over past 24 hours
- Elon Musk’s SpaceX reportedly sold all its Bitcoin, after writing down holdings in 2021 and 2022
- Bitcoin under pressure as global risk aversion leads to de-risking moment
Bitcoin’s plunge stemmed from nervousness about the looming US Bitcoin ETF decisions and on concerns that China’s property crisis could lead to further downward pressure for risky assets. Now that Bitcoin fell below the key trading range of $28,500 to $30,500, all eyes will be on the $25,000 level.
Bitcoin ETF rulings will start to happen and some traders are nervous that might not go so well. Grayscale might get a ruling next week, but expectations are for more rulings to happen in September. The bullish case for Bitcoin is that positive developments with an US Bitcoin ETF breakthrough could help prices make a run back towards the $30,000 region. Bitcoin’s current downtrend however could get uglier if some of these rulings suggest a US ETF still remains distant or if the bond market selloff continues.
Bitcoin is once again acting like a risky asset and next week should be critical for Bitcoin. If monetary conditions continue to crush risky assets, Bitcoin selling could target the $21,500 region.
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