The writer's opinion presented in the following information should not be taken as financial, investment, trading, or any other type of advice. Bitcoin's price action at the range lows over the past week indicated that buyer conviction was decreasing, and there is a possibility of a downward move, especially if the stock markets take a hit on Wednesday. The inability of the bulls to force a rally back toward the range highs over the past week meant that seller conviction has steadily risen, and the bears are now in a dominant position. Traders can wait for a bounce in prices before looking to short BTC, but the 4-hour and daily charts support a bearish outlook, and the next support levels for Bitcoin are at $28.5k and $27.3k.

Swan's CEO Cory Klippsten and his team have criticized the Bitcoin prediction model, Stock-to-Flow (S2F), created by long-time analyst PlanB, calling it a "false narrative" and "worthless garbage." They accused PlanB of promoting scammy casinos and being a charlatan. However, supporters of the S2F model argue that historical data and Bitcoin's price behavior align with its predictions, while critics point out the complexity of the cryptocurrency market.

Bitcoin is currently experiencing sideways movement following the recent surge in spot Bitcoin ETF applications. However, analysts believe that this could be a temporary deviation before the cryptocurrency experiences a bullish upside wave.

Bitcoin's volatility has reached historically low levels, with a 1-month realized volatility of 23.68%. This is due to a decline in trading activity and investors hoarding coins. BTC's transfer volume has also decreased since early June. Despite the lack of movement in BTC's price, there is growing optimism for its future prospects, with institutional interest in digital assets and the upcoming halving event. Traders are waiting for direction from the upcoming FOMC meeting, where experts predict a possible interest rate hike.

According to Coinshares, digital assets investment products experienced outflows of $6.5 million this week, breaking a streak of four consecutive weeks of inflows totaling $742 million. The outflows coincide with the recent market downturn that saw Bitcoin's price drop to its lowest value since June 21.

Artists and hobbyists from around the world have created various monuments to showcase the significance of Bitcoin's digital nature. These tributes range from a bust of Bitcoin's mysterious creator, Satoshi Nakamoto, in Budapest to a stone sphere in Yekaterinburg, Russia, which has been altered many times over the years. One man, known as "Bitman" on Twitter, projects the Bitcoin symbol onto important buildings across Europe to educate people about the benefits of Bitcoin. The first-ever public monument to Bitcoin was unveiled in Kranj, Slovenia, in 2018, made of three tonnes of metal and funded by Bitcoin exchange Bitstamp and software company 3fs.

At the start of the week, sellers hold more power than buyers. Bitcoin has dropped by 2.66% in the past 24 hours and has broken the support level at $29,508. Ethereum's rate has only dropped by 1.47%, but is also testing a support level at $1,827. Cardano and Binance Coin are both experiencing declines, with Cardano's rate testing the $0.2996 support level and Binance Coin trading in a consolidation around $235. However, Dogecoin's rate has risen by over 4% and may experience a breakout if it closes around the resistance level at $0.07756.

The writer's opinion presented in the article should not be taken as financial, investment, trading, or any other type of advice. Shiba Inu's price has been fluctuating between $0.00000700 and $0.00000850 since the second half of June, coinciding with key order blocks. Bitcoin managed to close above $30k on Sunday, July 23, which is significant as it struggled to do so since July 19. The futures market for SHIB has shown a bearish inclination, with buying volumes and demand in futures markets easing since mid-July.

According to Santiment data, the number of "shark wallets" holding between 1 and 100 BTC has increased by 3% since the beginning of the year, while the number of "whale wallets" holding 100 BTC or more has slightly decreased by 1% since April. Despite this, Bitcoin remains a profitable investment with an MVRV ratio of 48%.

Bitcoin's value briefly dropped below $29,000 on Monday due to concerns about expected rate hikes from the Federal Reserve and European Central Bank. The world's largest cryptocurrency fell by 2.9% over the past 24 hours to $29,044. The Federal Open Market Committee is expected to announce a rate decision on Wednesday, with analysts predicting a 25 basis point hike to bring its target range to 5.25-5.50%. The ECB is also expected to raise rates by 25 basis points to 4.25% on Thursday, which could impact bitcoin's consolidation around the $29,000 mark.