Bitcoin Under $50,000? These Two Feared August Events Could Trigger It
Bitcoin (BTC) price is stalling near $64,000 after two failed pushes at the same ceiling, and both large wallets and long-term holders have started selling into the weakness.
The rollover lands just as two US events with a track record of moving crypto return to the calendar, and history says both tend to hit Bitcoin when it is already soft.
Bitcoin Enters a Weak Month With a Double Top in Play
August has been unkind to Bitcoin. It has closed the month lower in six of the last eight years, so buyers begin from a weak seasonal base.
The chart makes that base look shakier. Bitcoin has formed a double top, a bearish reversal pattern where price fails twice at the same resistance and struggles higher. The two peaks built on comparable volume, which adds weight to the signal.
Sell-side volume has also risen since August 1, pushing the current Bitcoin price toward the lower edge of the range rather than back toward the highs.
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