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3 reasons why the Bitcoin price bottom is not in

Published 08/20/2022, 01:48 PM
Updated 08/20/2022, 08:00 PM
3 reasons why the Bitcoin price bottom is not in

Bitcoin (BTC) recovered modestly on Aug. 20 but remained on course to log its worst weekly performance in the last two months.

On the daily chart, BTC's price climbed 2.58% to $21,372 per token but was still down by nearly 14.5% week-to-date, its worst weekly returns since mid August. Nonetheless, some on-chain indicators suggest that Bitcoin's correction phase could be coming to an end.

Bitcoin Hash Ribbon. Source: Glassnode
BTC/USD daily price chart featuring "rising wedge" breakdown setup. Source: TradingView
Implied Fed funds target rate. Source: Federal Reserve
BTC/USD weekly price chart. Source: TradingView

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Latest comments

L O L … another “Anal-yst” saying rhis in Hopes he’s right.
What is the penalty for this author being wrong?
The right to be made Fun of.
I have farts in a jar for sale $20,000 gets you one mason jar with one *******
The fact that you are still broke should be all you need to tell you how Stu. pid you are.
The bottom isn't in because the media hasn't been told to stop artificially depressing the price yet.
Media want investors to sell and dump, so they can collect it cheap
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