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Bitcoin (BTC) is showing signs of weakness after failing to break through critical resistance levels, but an analyst is suggesting the current bearish momentum may be short-lived, though investors should brace for more near-term losses. According to Analysis by Master Ananda in a TradingView post on August 20, Bitcoin’s inability to move past the $122,524 resistance level has triggered a double-top bearish signal, pointing to the likelihood of a deeper correction in the short term. Bitcoin price analysis chart. Source: TradingView The next key level to watch is the 1.618 Fibonacci extension at $102,077, which Ananda identified as the main support target, with the possibility of a further drop toward $100,000. While $112,000 has provided temporary support, the analyst believes it is unlikely to hold given the current long-term chart structure. The correction, however, is expected to last only a few more days before Bitcoin finds its footing. Altcoins, which typica...

Smart contract platforms have reached all-time highs in active addresses in the face of a price correction – a good sign for the asset class, according to analyst Jamie Coutts. Citing active address data from the analytics platform Artemis, Coutts says that the surge during the current price dip is a positive sign. “The daily active addresses metric for Smart Contract Platforms (SCP) hits an all-time high of 17 million, up from 5 million 12 months ago. Total Mkt Cap is down -35% since March but up 63% from a year ago. This is a healthy correction in a secular bull market.” Source: Jamie Coutts/X According to Artemis’ data, active addresses for Solana have been skyrocketing since late 2023, and have since eclipsed Ethereum (ETH). However, Ethereum still leads Solana in stablecoin market cap, stablecoin transfer volume, total value locked (TVL) and other metrics. Source: Artemis In a new video update, Coutts says that market liquidity is start...