BTC Likely to Continue Sideways for Now; No Clear Indicators amid Weak Sentiment
CryptoNewsTerminal Staff11 Aug, 2024
BTC Likely to Continue Sideways for Now; No Clear Indicators amid Weak Sentiment
## BTC Likely to Continue Sideways for Now; No Clear Indicators amid Weak Sentiment According to Coindesk, Augustine Fan, site lead at on-chain settlement framework developer, SOFA.org, said that BTC is likely to remain “choppy” in the near term, likely moving within a range. He added, “The crypto market currently lacks an ‘anchor’ making it susceptible to position squaring." Over the past several weeks, BTC and ETH spot ETFs have seen continuous outflows while on-chain metrics as BTC’s MVRV (market value to realized value) and sentiment indicators reflect weakening conviction among investors. As of writing, BTC is trading at $58,556.01, down 0.27%, according to CoinMarketCap. ---
