Bitcoin has been lacking momentum this week as BTC price predictions increasingly see the market heading lower.
After a promising weekend turned sour into the weekly close, Bitcoin (BTC) is offering little inspiration to traders already tired of rangebound moves.
The sentiment is sour, and while stocks have recovered from their flash crash at the start of August, crypto has yet to do likewise.
What could shake things up?
The United States Federal Reserve is in the spotlight this week as its annual Jackson Hole symposium comes around.
Chair Jerome Powell will address the current macroeconomic state of play as traders hope for a clear signal regarding interest rate cuts in September.
That could set up a volatile end to the week, but in the meantime, concerns are increasing that Bitcoin may lead crypto into another leg down.
$50,000 is in play, analysis warns, and while miners are staying cool, a sense of angst lingers over the market.
Cointelegraph takes a closer look at the key crypto talking points among traders as August grinds on with seemingly no new all-time highs in sight.
No talk of BTC price upside
Bitcoin gave up its weekend gains into the Aug. 18 weekly close — an all-too-familiar sequence of events for traders, who traditionally caution over “out of hours” market moves.
The Asia trading session nonetheless offered little hope to bulls, with BTC/USD trading at around $58,650 at the time of writing, per data from Cointelegraph Markets Pro and TradingView.
BTC/USD 1-hour chart. Source: TradingView
Devoid of a significant trend, BTC price action thus frustrated commentators.
“Boring weekend, price would probably chop for another week before we get any big moves,” popular trading account Logical TA wrote in part of its latest market coverage on X.
“$BTC has chopped for the last 160-170 days, this is more painful than a bear market.”BTC/USDT 1-day chart. Source: Logical TA
Fellow trader Roman agreed while seeing the potential for a return to the area around $55,000.
“Slowly but surely making our way to 55k support. Will look for longs at that point. I’ve kept my thoughts the same for the last 2…
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