Chart of the day - Bitcoin (15.08.2024)

Bitcoin is down another 1.00% today, testing an important support zone around 58,000 points. The recent price decline occurred after the release of U.S. CPI data, following which Bitcoin failed to recover, unlike the stock markets on Wall Street.

Low liquidity in the global market, driven by the restrictive monetary policies of central banks, coincides with historically weaker summer months. As a result, we are seeing record-low volumes among retail investors in the cryptocurrency market, with the main demand currently coming from institutions and spot ETFs. Looking at historical returns, unfortunately, July, August, and September are among the worst months of the year. Therefore, assuming there is no recession in the U.S., any potential rebound may come only towards the end of September and the beginning of Q4 of the current year.

Source: xStation 5