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📉 Bitcoin May Dip Before New High 

Word On The Street: Bitcoin's price has reclaimed a position above $62,000 for the first time since August 1, but may dip before we go further.

The details:

• After a 6% increase on August 23, Bitcoin attempted to re-test the $65,000 level twice but failed to demonstrate sustained bullish strength.

• Bitcoin could experience another correction, potentially falling to the $62,000-$60,000 range.

• Bitcoin’s recent move toward $65,000 triggered short liquidations exceeding $140 million on August 23 and an additional $52 million on August 24.

Why it matters: Historically, Bitcoin’s returns in the third quarter are the lowest compared to other quarters, with Q1, Q2, and Q4 averaging ROIs of 56%, 27%, and 88% respectively, while Q3 averages just 6%.

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Other News

Rumble boss ‘departed’ from Europe after Telegram CEO arrest. Rumble founder and CEO Chris Pavlovski said he “departed from Europe” after French police arrested Telegram’s CEO and the country “threatened” the video-sharing site.

India's CBDC Has 5M Users, Can be Phased in Gradually. Governor Shaktikanta Das said there should not be in any rush to roll out a system-wide CBDC.

Argentina adds Ethereum to Buenos Aires high school curriculum. High schools in the city of Buenos Aires will offer blockchain internships to provide hands-on experience to students.

AI Tokens Lead Crypto Market Ahead of Nvidia Earnings, Bitcoin Under $64K. Analysts polled by FactSet are expecting Nvidia to hit earnings of 65 cents per share, up 141% year-over-year.

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Traders Corner is the premium section of The Blockstreet Journal. We provide one free report out of appreciation ❤️ 

Reports from our analysts today:

• Solana Technical Analysis (Free)

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• Stellar Technical Analysis (Paid)

TRADERS CORNER
☀️ Solana Technical Analysis

Solana (SOL/USD) is currently trading at $156.87. The recent price action indicates a sharp decline from the $162.91 level to the current price, reflecting strong selling pressure in the market.

The Bollinger Bands are indicating increased volatility with a recent expansion, especially during the sharp drop in price. The price is now hovering near the lower Bollinger Band, which often signals that the asset may be in an oversold condition. However, the downward momentum suggests caution, as the price could continue to decline if the lower band doesn't provide sufficient support.

Trend Analysis:

The short-term trend is bearish, characterized by a significant downward movement. The consistent red candles indicate that sellers are in control. The current price action suggests that the market is either pausing before continuing its downward trajectory or potentially setting up for a short-term reversal.

Support and Resistance Levels:

- Immediate Support: The immediate support level is at $155.68, which is the recent low. A break below this level could signal a continuation of the downtrend, with the next potential target being around $155.00.

- Immediate Resistance: The first resistance level is around the middle Bollinger Band, currently near $159.55. If the price manages to break above this level, it could indicate a potential recovery, with further resistance expected around $161.84.

Potential Scenarios:

1. Bearish Continuation: If the price continues to stay below the middle Bollinger Band and breaks below the $155.68 support level, it could lead to further declines, with $154.00 as a possible target.

2. Short-term Reversal: If the price holds above $155.68 and begins to rise, breaking above $159.55, a short-term reversal may occur. In this case, the price could aim for the $161.84 resistance level.

3. Consolidation: The price might continue to consolidate between $155.68 and $159.55, indicating a period of indecision. This could lead to a breakout in either direction, depending on broader market conditions.

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