In this video I break down the latest Bitcoin price action and Elliott Wave structure as the market faces resistance. I analyse whether the current pullback invalidates the potential for further upside or if we are entering the final stages of a corrective bounce before a larger downtrend resumes. Video by More Crypto Online.
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Bitcoin (BTC) is trading down slightly around $64,830, continuing a minor intraday pullback from an opening price of $66,081. The market is experiencing tight consolidation following its 13% recovery from early July lows of $57,750.
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Bitcoin Insights Today
1. Identify Key Market Moving NewsSurging Oil & Geopolitical Friction:
-Escalating US-Iran tensions have pushed WTI crude oil above $90 per barrel. This has fueled renewed macro inflation fears, pressuring risk assets across the board.
-Macro Headwinds: Rising US 10-year Treasury yields (hitting 4.70%) and Alphabet's surging capital expenditures are pulling liquidity out of speculative tech markets, keeping Bitcoin rangebound.
-BitMEX Shutting Down: Crypto derivatives pioneer BitMEX unexpectedly announced it will completely wind down its operations by September 23, 2026.
-Protocols Drained: Cross-chain and security vulnerabilities resurfaced as multiple Bitcoin and Ethereum-linked protocols suffered a $35 million exploit over a 6-hour window today.
2. Track Technical & Institutional InsightsRobust ETF Inflows:
-Despite short-term price stagnation, US spot Bitcoin ETFs notched their 7th consecutive day of net positive inflows, capturing $68.99 million yesterday.
-Key Support/Resistance: Technicians state $65,000 serves as the primary immediate support layer. Meanwhile, a strong overhead resistance thicket remains locked between $67,000 and $68,000.
-The Cycle Debate: Grayscale research analysts highlighted that Bitcoin’s macro structure may be breaking away from its classic 4-year halving cycle. They suggest the true cyclical bottom may already be behind us, contingent on whether the Federal Reserve holds interest rates steady during next week’s meeting.
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