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The bitcoin rate over the past two days has fallen from $23,376 to $20,871. The night before, the coin won back a little and rose to $21,294. Over the week, BTC capitalization decreased by 12.55% to $409.852 billion.
The pressure from the bears is intensifying, bitcoin has not been able to break the resistance in the $25,500 area. According to analysts, BTC could fall in price to $20,200 in the coming days, as the activity of sellers remains high on the exchanges.
The Arcane Research report says that in August, Bitcoin could not hold the positions won in July. Monthly, the value of the cryptocurrency increased by about 2%, while the US stock indicator Nasdaq added almost 6%.
Experts note that the correlation between BTC and the US stock market is at its lowest level in a year. This indicator fell to 0.5 points.
Santiment analysts found that over the past few weeks, the largest bitcoin addresses with a balance of 100 to 100,000 coins (in amounts from $2.3 million to $233 million) have been aggressively buying cryptocurrency.
Each whale swim indicates that the market has bottomed in the current cycle, and a deeper dive in BTC is unlikely.