Bitcoin Down 10% In August—Here's What Traders Expect For September
Portfolio Pulse from Khyathi Dalal
Bitcoin has experienced a 10% decline in August, with traders predicting further downside in September. Technical indicators suggest short-term weakness, but institutional interest remains strong with significant holdings by major banks and the Norwegian Sovereign Wealth Fund.
August 15, 2024 | 3:53 pm
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POSITIVE IMPACT
Goldman Sachs owns $418 million worth of Bitcoin, indicating strong institutional interest despite recent price declines.
Goldman Sachs' significant Bitcoin holdings indicate strong institutional interest, which could provide support for Bitcoin prices despite short-term weakness.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Morgan Stanley owns $187 million worth of Bitcoin and is marketing Bitcoin ETFs to clients, indicating strong institutional interest.
Morgan Stanley's significant Bitcoin holdings and marketing of Bitcoin ETFs to clients indicate strong institutional interest, which could provide support for Bitcoin prices despite short-term weakness.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
NEGATIVE IMPACT
Bitcoin has declined by 10% in August, with traders predicting further downside in September. Technical indicators suggest short-term weakness, but institutional interest remains strong.
Bitcoin's recent performance and technical indicators suggest short-term weakness. However, strong institutional interest from major banks and the Norwegian Sovereign Wealth Fund could provide some support.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100