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Bitcoin’s recent price drop stems from traders locking in profits rather than a bearish shift. Geopolitical tensions and Fed Chair Powell’s upcoming speech add caution, but long-term bullish signals remain strong. Analysts see dip-buying activity and macro catalysts fueling the next rally.
- Derivatives data shows $350M drop in open interest, confirming profit-taking as the driver behind Bitcoin's dip.
- FedWatch tool signals an 83.4% chance of a September rate cut, which historically boosts crypto demand.
- On-chain metrics reveal strong dip-buying activity, mirroring patterns before Bitcoin's 12% surge earlier in August.
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