Today, the price of Bitcoin is not moving significantly, due to the almost complete absence of relevant news on the matter.
To tell the truth, it has been this way since Saturday, that is, since the traditional exchanges closed for the weekend, and it should be added that the US exchanges will also remain closed today due to a holiday.
The only noteworthy news dates back a few days ago and concerns the relationship with Ethereum.
Summary
Bitcoin Silence: The Absence of News
The price trend of Bitcoin is not always influenced by news, but in periods like this, without a clear direction, it is often only the news that causes it to move.
Therefore, it should not be surprising that in the absence of news, it is not moving.
The last significant movement dates back to Friday, August 29, when it dropped to $108,000, but since then it has been oscillating around this figure.
It is worth noting, however, that the previous day it was around $113,000, so Friday’s was a noteworthy correction, which was followed by a lack of directionality, due also and especially to the closure of traditional markets for the weekend.
At this moment, it really seems that some significant news would be needed to introduce that directionality that has been missing for three days, but for now, nothing of the sort is on the horizon, at least in the short or very short term.
The correction of Bitcoin (BTC) price
On the crypto markets, however, there is a lingering doubt, namely that Friday’s correction may not yet be over.
The fact is that the weekend, with traditional exchanges closed, has now become a lull moment even for the crypto markets, which often move following Bitcoin precisely when traditional exchanges are open.
Therefore, the fact that Friday’s correction seemed to have stopped on Saturday might ultimately prove to be just an illusion, should the resumption of trading on traditional exchanges be followed by a renewed directional movement in the price of BTC.
It should be remembered that the USA market is by far the most important, even for Bitcoin, so it might be necessary to wait until tomorrow to understand if Friday’s correction has really ended or not.
The only relevant news
In recent days, the only noteworthy news about Bitcoin concerns the rotation to Ethereum.
However, taking the ETFs on the US exchanges as a reference, if on Friday there were recorded total net outflows of 126 million dollars from Bitcoin ETFs, on Ethereum the outflows rose to 164 million.
This indicates that the rotation on Ethereum that was underway last week may have concluded.
For example, from Monday to Thursday there were a total of 567 million dollars in net inflows into Bitcoin, while for Ethereum it was even more than double.
Moreover, in the last days of the previous week, while BTC ETFs were still experiencing outflows, inflows had already begun for ETH.
In the same period, the price of Ethereum in Bitcoin from 0.039 BTC to 0.041, only to then return to 0.039 and settle at the current 0.040 BTC.
Therefore, the capital rotation from Bitcoin to Ethereum seems to have ended.
All Eyes on WLFI
Outside of Bitcoin, there is, however, a significant piece of news concerning the crypto markets, which could also end up indirectly influencing the price of BTC.
This is the entry into the crypto markets of WLFI, the token of the Trump family’s crypto project, World Liberty Financial.
Various exchanges have confirmed the listing, with the start of trading expected today.
As highlighted earlier, today the US stock markets are closed for a holiday, therefore the impact of this news on the price of Bitcoin might be minimal.
However, in the hypothetical case where on the first day of trading the WLFI token should disappoint, the following day the attention might shift back to Bitcoin, given that at this moment not even Ethereum seems to be able to divert it.
The key day could therefore be tomorrow, with the reopening of the US stock exchanges after the long weekend.
Bitcoin (BTC) Price Predictions
The forecasts on the future trend of Bitcoin’s price are conflicting.
In fact, some believe that Friday’s correction may not be over yet, and that there is room not only to fall below $100,000, but perhaps even below $90,000.
There are those who expect a recovery of the bull run, even if not immediately but over the course of the next few days.
The anticipation is all for September 17th, the day when the Fed will announce its decision on interest rates.
The markets are very convinced that a 25-point cut will be chosen (something already widely appreciated), but it will probably be the words spoken in the usual press conference by President Powell that will make them move.
The key point is not so much the decision on September 17, but the intentions regarding the two subsequent meetings, at the end of October and in December. If the markets consider the hypotheses of a further cut of 25 points, or even two, to be confirmed, they could react well, but it will be necessary to wait another two weeks to know.
