The start of the month was quite bearish as the Bitcoin price dropped below the consolidation of $59,000. Nevertheless, the price quickly recovered and reclaimed the levels, reviving the possibility of a swift rebound. Lately, the shorts accumulated at $70,000, indicating the bulls are being stationed at these levels. However, these levels have now been reduced to $65,000, which restores the possibility of an early upswing.
While the BTC price is juggling around certain levels, the miner’s participation is approaching the peak. Recently, in mid-August, the hash rate had marked an ATH of 792 TH/s, which further dropped below 500 TH/s. However, with the beginning of fresh monthly trade, the levels have reached 776.4 TH/s, which is expected to surpass the current highs.
This indicates the growing participation of the miners, which has been intensified after the recent halving. Regardless of this, the miner’s revenue continues to maintain a steep descending trend due to the sluggish behavior of the BTC price rally. Therefore, suggesting they are confident of the upcoming trend, which is expected to be pretty bullish, rising over the ongoing consolidation. However, the current trade setup suggests the BTC price is stuck within a range without validating a move. Therefore, AlphaBTC, a well-known analyst, suggests not to enter a fresh trade if you have not entered as of now.
Bitcoin did not hold the horizontal resistance and broke down out of the upward channel over the weekend. The analyst had said earlier that the CME gap of around $59,000 is likely to get filled in the next 24 hours, which appears to have been accomplished. However, the analyst continues to remain neutral as the BTC price remains at the PoC and median of the range. If the price breaks above $59,500 and holds, the price may run a range high, or else the target at the range low around $55,000 may be activated.
Therefore, based on the current trade setup, it appears that the Bitcoin (BTC) price has not yet been given a validation of the next price action. Hence, the trade until the end of the day can be crucial for the next price action.
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