BTC buying momentum weakens in August, says Rekt Capital

Crypto analyst Rekt Capital said buying interest in BTC was strong near the 200-week simple moving average last month, but no clear buying support has emerged this month. Rekt Capital added, "This is similar to the outlook presented about a month and a half ago." The analyst said the 200-week simple moving average was expected to act as a short-term support level in July and drive only a limited rebound, while the support could break down over the medium term. BTC did find support at that moving average in July, but the level appears to be losing strength as support in August.