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Bitcoin hits lowest price since April – what are analysts saying?

By:
on Aug 17, 2023
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  • Bitcoin price fell to under $28,000 on Thursday to hit lows seen in early May.
  • The declines came as stocks also slipped following the latest Fed minutes hinted at further hikes.
  • US Treasury yields rose to multi-year highs, putting pressure on risk assets.

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Bitcoin’s dip below $28,000 on Thursday has the top cryptocurrency staring at further rot that could see it drop to lows of $25,000. Crypto analyst Rekt Capital says this happened in April/early May when prices fell from the supply wall around $29.2k to retest the $25k zone.

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The analyst predicts a double top pattern if this happens. Sharing the outlook with over 349k of his X followers, the trader noted:

“BTC has dropped below ~$28,000 for the first time since late April, early May. Back then, $BTC also turned ~$29250 into new resistance before dropping into ~$25000 in the weeks that followed. Could history repeat? If it does, BTC would develop a Double Top.”

A bearish double top pattern will bring into play the identified key price levels, starting with immediate buffer of $25k.

Bitcoin, stocks slip as yields rise

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Bitcoin price dipping to current levels comes after this week’s July Fed meeting minutes, which has seen market experts point to the fact the US central bank may not be done with its interest rate hikes. Also notable has been the spike in US real yields, with the 10-year Treasury up over 6 basis points to 4.6. The 30-year Treasury reached 4.99%.

Meanwhile, US stocks traded slightly lower as the S&P 500 fell to 4,387 and the Dow Jones Industrial Average shed nearly 200 points. The tech-heavy Nasdaq also slipped as investors digested the Fed’s minutes.

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