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BiyaPay Analyst: News-Driven Rally Fading, BTC to Resume Downtrend
BlockBeats News, August 25th, according to BiyaPay analysts, after a high-level oscillation, Bitcoin fell back. The news-driven rally was difficult to sustain, and the market returned to being technically driven. Both the weekly and daily charts showed continuous declines, with the price remaining under pressure below the moving averages. Indicators signaled a death cross, indicating a bearish bias in the overall trend. Analysts warn to beware of bull traps, as any rebound is merely a technical correction within the downtrend.
Yesterday, the daily chart formed a small bearish candle, continuing the downward trend. The price remained under pressure below the moving averages, and the indicators continued to show a death cross, maintaining a bearish outlook. The hourly chart shows a slight morning bounce to around 113700 after a dip in the early morning, but then weakened again. Currently, there is a continued bearish trend with the indicators forming another death cross. Short-term projections suggest further downside potential, but it is not advisable to blindly chase long positions.
The BiyaPay multi-asset trading wallet will continue to provide you with one-stop services such as global remittances, cryptocurrency trading, and U.S. and Hong Kong stock investments, helping you seize opportunities in volatile markets.
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