Bitcoin is in an uphill battle seemingly as it struggles to make its return despite uncertainty in European commodities driving the euro below parity with USD.
August 22 saw Bitcoin coasting near $21,000 during the wall street opening of a new week, with no sign of a rebound. Market data indicates that BTC/USD is struggling to gain a good enough footing for a comeback after 11.6% in losses last week drove the price down.
Starting off the week with a low of $20,800 from the weekend, it has managed to bump itself modestly up to $21,200 at the time of writing. This comes as European markets are struggling and the US Federal Reserve Jackson Hole symposium ushered in a wave of downbeat moods over risk assets. This was only further noted by a 1.8% loss by the S&P 500 at the open on August 22.
“The end of summer sees the euro back under pressure, partly because the dollar is bid and partly because the Damoclean sword hanging over the European economy isn’t going away,” said Kit Juckes, a Societe Generale strategist, in a Bloomberg post.
Material Indicators, the on-chain analytics too, noted a silver lining for traders in regards to shorter timeframes.
July lows were seen among the weekend dip for Bitcoin (BTC) indicating that the “bear market rally” that took BTC/USD to over $25,000 may still be on its return. The situation still favors the bear market as Bitcoin traded below its 200 week MA.
Another post from Binance showed what looked like a large volume of whales struggling to overpass a sale wall targeted right at spot price.
With an upbeat long term view, Rekt Capital argued that it was a bargain, the ability to buy BTC below $35,000