Last week, Bitcoin experienced significant selling pressure after Tesla sold its $373 million worth of BTC holdings. Currently, Bitcoin is trading at $26,060 with a market cap of $507 billion. On-chain indicators and technical analysis suggest that the BTC price may continue to decline, potentially dropping to around $20,350.
While some analysts anticipate a buying opportunity around the $25,000 mark, others warn that breaching the pivotal support at $24,800 could further drive down the price to $20,000. However, there is hope for a price recovery in September when the U.S. Securities and Exchange Commission is expected to provide an update on Bitcoin ETF applications.
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