What we will talk about today...

Bitcoin Holds Fragile $64K Support Amid Weak Demand

Bitcoin has managed to stay above $64K, but weakening demand and a decline in large investor holdings suggest potential price fragility. Without stronger demand, a sustained rally seems unlikely.

• Main Points:

  • Weak Demand: Bitcoin demand has significantly decreased since April.

  • Whale Holdings: Growth in large Bitcoin holders' assets has sharply declined.

  • Support Level: $64K is a critical, yet fragile, support level for Bitcoin.

  • Market Sentiment: Market enthusiasm dampened by unclear signals from the Federal Reserve.

• Detailed Insights:

  • Weak Demand: Bitcoin’s 30-day demand growth dropped from 496,000 BTC in April to 25,000 BTC.

  • Whale Holdings: Whale holdings' growth has fallen to 1%, down from 6% in February.

  • Support Level: Bitcoin briefly touched $64K on August 23 but struggled to hold above it.

  • Market Sentiment: Jerome Powell’s remarks hinted at potential rate cuts but lacked a clear timeline.

  • Price Fragility: The $64K support level remains fragile, with demand too low to sustain a rally.

Related: What to keep an eye on this weekend for potential Bitcoin price changes.

Robert Kiyosaki Advocates Bitcoin as US Debt Spirals

Financial expert Robert Kiyosaki warns about the U.S. accumulating a trillion dollars in debt every 100 days. He advises investing in Bitcoin, gold, and silver to safeguard against potential economic collapse and banking system failures.

• Main Points:

  • Soaring Debt: The U.S. adds $1 trillion to its debt every 100 days.

  • Safe Investments: Kiyosaki recommends gold, silver, and Bitcoin to protect wealth.

  • Banking Risks: Traditional banks may hide insolvency, posing risks to savings.

  • Economic Concerns: Kiyosaki criticizes the current economic system as unstable.

• Detailed Insights:

  • Soaring Debt: The U.S. national debt has reached $35.256 trillion, growing at a concerning pace.

  • Safe Investments: Kiyosaki emphasizes the importance of investing in Bitcoin, gold, and silver.

  • Banking Risks: Bank insolvencies can be hidden, making FDIC insurance critical but insufficient.

  • Economic Concerns: Kiyosaki highlights the fragility of the current economic and banking systems.

  • Wealth Preservation: He stresses the need to protect savings from the "bankrupt money system."

Related: Will Bitcoin’s latest bullish signal drive it to new all-time highs?

Solana (SOL) Price Rises Amid Dovish Fed Outlook

Solana's price jumped by 10% today, fueled by Federal Reserve Chair Jerome Powell’s dovish remarks, which sparked expectations of imminent interest rate cuts. Traders are now bullish on SOL, anticipating further price gains.

• Main Points:

  • Powell's Dovish Outlook: Interest rate cut speculations boost Solana's price.

  • Market Reaction: Solana sees a 10% price increase, mirroring broader crypto market gains.

  • Rising Open Interest: Increased trader activity and funding rates signal bullish sentiment.

  • Technical Bounce: SOL targets $175 amid a broader symmetrical triangle rebound.

• Detailed Insights:

  • Powell's Dovish Outlook: Jerome Powell hinted at potential rate cuts, spurring optimism in the crypto market.

  • Market Reaction: Solana’s price reached $158.85, reflecting a strong market response to Powell's comments.

  • Rising Open Interest: SOL's open interest rose to $2.19 billion, with positive funding rates indicating demand for long positions.

  • Technical Bounce: SOL is rebounding within a symmetrical triangle pattern, aiming for $175 in the short term.

  • Future Projections: A breakout could propel SOL to $325 by late 2024 if supported by strong trading volumes.

Related: Will SOL Price Follow?

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results