Bitcoin bulls are looking for BTC to rebound off a support zone and if confirmed, ETC, LUNA, KLAY and AXS could push higher.
Bitcoin (BTC) is facing a stiff challenge from the bears near the $48,000 mark. As Cointelegraph reported earlier, the buy and sell levels show that sellers on Binance have held their ground at $48,000.
PlanB, the creator of the stock-to-flow Bitcoin price model, said if Bitcoin manages to close August above $47,000, the year-end “worst-case scenario” target price of $135,000 may come into play.
Despite the slight downturn, the institutional adoption of Bitcoin continues to increase. Filings with the United States Securities and Exchange Commission show that four wealth management firms have bought shares in Grayscale’s Bitcoin Investment Trust.
A survey of about 42,000 people in 27 countries by product comparison website Finder, showed a high adoption rate in Asia. Among the countries polled, Vietnam had the highest adoption rate at 41% while India and Indonesia had a 30% adoption rate.
Compared to their Asian counterparts, the respondents in the United Kingdom and the United States reported a low 8% and 9% adoption rate. However, the report warned that “due to the varying Google infrastructure in each territory, not all surveys were nationally representative.”
Will Bitcoin’s hesitation near the $48,000 mark result in profit-booking? Could altcoins attract funds that exit Bitcoin? Let’s study the charts of the top-5 cryptocurrencies that may extend their up-move in the next few days.