{"id":548630,"date":"2023-08-24T07:30:55","date_gmt":"2023-08-24T07:30:55","guid":{"rendered":"https:\/\/uniquehot.com\/?p=548630"},"modified":"2024-06-11T14:28:42","modified_gmt":"2024-06-11T14:28:42","slug":"why-is-bitcoin-price-up-today-08-24","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/why-is-bitcoin-price-up-today-08-24\/","title":{"rendered":"Why Is Bitcoin Price Up Today?"},"content":{"rendered":"

The Bitcoin price experienced a resurgence yesterday, reaching a high of $26,843, a 3.7% increase after its recent crash from $29,000. The reasons behind this uptick are manifold.<\/p>\n

Why Is Bitcoin Up?<\/h2>\n

According to on-chain analytics firm Santiment, significant Bitcoin holders, often referred to as whales and sharks, have been actively adding to their holdings. As of now, there are 156,660 wallets holding between 10 to 10,000 BTC, with a collective accumulation of $308.6M since August 17th. Whale and shark wallets have added 11,629 BTC in the past six days.<\/p>\n

\"Bitcoin
Bitcoin whales buy the dip | Source: Twitter @Santimentfeed<\/figcaption><\/figure>\n

Micha\u00ebl van de Poppe, a well-regarded crypto analyst, drew attention to the strength shown by Silver & Gold, especially after the disappointing PMI rates yesterday. He believes that as yields appear to be topping out, Bitcoin might follow the trajectory of these commodities.<\/p>\n

Related Reading: The Jackson Hole Effect? Powell\u2019s Speech Sparks Bitcoin Fears Amid Similar 2022 Price Action<\/a><\/div>\n

Recent economic indicators from the US private sector provide further context. The S&P Global Composite PMI for early August showed a decline, falling to 50.4 from 52 in July. Both the Manufacturing and Services PMI indices also registered drops from 49 to 47 and 52.4 to 51 respectively.<\/p>\n

Moreover, the Bitcoin futures market certainly played a certain role in yesterday’s Bitcoin price movement. Yesterday, $28.06 million in short positions were liquidated on this market. After all, this is the third largest amount in August so far, surpassed only by August 17 ($120 million) and August 8 ($37 million).<\/p>\n

\"BTC
BTC Total Liquidations Chart | Source: Coinglass<\/figcaption><\/figure>\n

Market intelligence platform Decentrader highlighted the prevailing market sentiment, noting that despite Bitcoin’s price rise, there’s still a sense of uncertainty and fear. This sentiment is further underscored by the continuing negative dip in average funding rates. While this means that sentiment is still bad, it opens up the possibility for more short squeezes if traders are raging into shorts.<\/p>\n

\"Weighted
Weighted average funding rate | Source: Twitter @decentrader<\/figcaption><\/figure>\n

The Dollar-Index (DXY) and its inverse relationship with Bitcoin also played a part. DXY was rejected just below 104 yesterday and dropped back to 103.5. The SPX showed a nice relief bounce with USD coming off 103.96.<\/p>\n

Related Reading: This Bitcoin Indicator Is On The Verge Of A Bullish Breakout<\/a><\/div>\n

CryptoCon’s volume analysis offers a broader perspective on Bitcoin’s price movement. Since November 2020, the volume of Bitcoin transacted reveals why the price halted at its current position. The volume past $28,900 acts as a significant barrier. However, the current range of 24,000 to 29,000 for Bitcoin is relatively uncharted, suggesting that Bitcoin is searching for new support and preparing for a potential move to the next resistance zone.<\/p>\n

\"Bitcoin
Bitcoin volume profile | Source: Twitter @CryptoCon_<\/figcaption><\/figure>\n

What’s Next For BTC?<\/h2>\n

The upcoming Jackson Hole Economic Symposium tomorrow, Friday, where the Federal Reserve will discuss its future strategies, is a pivotal event on the horizon. Keith Alan of Material Indicators recalled<\/a> the impact of last year’s symposium on Bitcoin, emphasizing, “Remember when FED Chair Powell spoke from Jackson Hole last year and his hawkish tone triggered a 29% BTC dump?”<\/p>\n

While there are parallels in Bitcoin’s price action leading up to this year’s event, it’s crucial to note that market reactions can be unpredictable and hinge on various factors.\u00a0With the Bitcoin market poised for the events of tomorrow, the prevailing mood is one of anticipation mixed with caution.<\/p>\n

At press time, BTC traded $26,464.<\/p>\n

\"Bitcoin
BTC sees slight uptrend, 1-day chart | Source BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price experienced a resurgence yesterday, reaching a high of $26,843, a 3.7% increase after its recent crash from $29,000. The reasons behind this uptick are manifold. Why Is Bitcoin Up? According to on-chain analytics firm Santiment, significant Bitcoin holders, often referred to as whales and sharks, have been actively adding to their holdings. As of now, there are 156,660 wallets holding between 10 to 10,000 BTC, with a collective accumulation of $308.6M since August 17th. Whale and shark wallets have added 11,629 BTC in the past six days. Micha\u00ebl van de Poppe, a well-regarded crypto analyst, drew attention to the strength shown by Silver & Gold, especially after the disappointing PMI rates yesterday. He believes that as yields appear to be topping out, Bitcoin might follow the trajectory of these commodities. Related Reading: The Jackson Hole Effect? Powell\u2019s Speech Sparks Bitcoin Fears Amid Similar 2022 Price Action Recent economic indicators from the US private sector provide further context. The S&P Global Composite PMI for early August showed a decline, falling to 50.4 from 52 in July. Both the Manufacturing and Services PMI indices also registered drops from 49 to 47 and 52.4 to 51 respectively. Moreover, the Bitcoin futures market certainly played a certain role in yesterday’s Bitcoin price movement. Yesterday, $28.06 million in short positions were liquidated on this market. After all, this is the third largest amount in August so far, surpassed only by August 17 ($120 million) and August 8 ($37 million). Market intelligence platform Decentrader highlighted the prevailing market sentiment, noting that despite Bitcoin’s price rise, there’s still a sense of uncertainty and fear. This sentiment is further underscored by the continuing negative dip in average funding rates. While this means that sentiment is still bad, it opens up the possibility for more short squeezes if traders are raging into shorts. The Dollar-Index (DXY) and its inverse relationship with Bitcoin also played a part. DXY was rejected just below 104 yesterday and dropped back to 103.5. The SPX showed a nice relief bounce with USD coming off 103.96. Related Reading: This Bitcoin Indicator Is On The Verge Of A Bullish Breakout CryptoCon’s volume analysis offers a broader perspective on Bitcoin’s price movement. Since November 2020, the volume of Bitcoin transacted reveals why the price halted at its current position. The volume past $28,900 acts as a significant barrier. However, the current range of 24,000 to 29,000 for Bitcoin is relatively uncharted, suggesting that Bitcoin is searching for new support and preparing for a potential move to the next resistance zone. What’s Next For BTC? The upcoming Jackson Hole Economic Symposium tomorrow, Friday, where the Federal Reserve will discuss its future strategies, is a pivotal event on the horizon. Keith Alan of Material Indicators recalled the impact of last year’s symposium on Bitcoin, emphasizing, “Remember when FED Chair Powell spoke from Jackson Hole last year and his hawkish tone triggered a 29% BTC dump?” While there are parallels in Bitcoin’s price action leading up to this year’s event, it’s crucial to note that market reactions can be unpredictable and hinge on various factors.\u00a0With the Bitcoin market poised for the events of tomorrow, the prevailing mood is one of anticipation mixed with caution. At press time, BTC traded $26,464. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":548642,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,83651,89074,19064,1119,1144],"class_list":["post-548630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-funding-rates","tag-bitcoin-oi","tag-bitcoin-whales","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nWhy Is Bitcoin Price Up Today?<\/title>\n<meta name=\"description\" content=\"The Bitcoin price experienced a resurgence yesterday, reaching a high of $26,843, a 3.7% increase after its recent crash from $29,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Through his extensive work with uniquehot.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/uniquehot.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Is Bitcoin Price Up Today?","url":"http:\/\/uniquehot.com\/news\/why-is-bitcoin-price-up-today-08-24\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/why-is-bitcoin-price-up-today-08-24\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/iStock-1357255026.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/iStock-1357255026.jpg?fit=1365%2C768"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin funding rates","bitcoin oi","bitcoin whales","btc","btcusd"],"dateCreated":"2023-08-24T07:30:55Z","datePublished":"2023-08-24T07:30:55Z","dateModified":"2024-06-11T14:28:42Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Is Bitcoin Price Up Today?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-is-bitcoin-price-up-today-08-24\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-is-bitcoin-price-up-today-08-24\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1357255026.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1357255026.jpg?fit=1365%2C768\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin funding rates\",\"bitcoin oi\",\"bitcoin whales\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-08-24T07:30:55Z\",\"datePublished\":\"2023-08-24T07:30:55Z\",\"dateModified\":\"2024-06-11T14:28:42Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/iStock-1357255026.jpg?fit=1365%2C768","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/548630","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=548630"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/548630\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/548642"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=548630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=548630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=548630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}