People keep focusing on technical analysis while there is one simple aspect mainly responsible for not settling below key support between the $5700-$5800 levels.
It's the pshycological importance of the round $100 billion market cap. Do the math 17.225 million BTC x ~$5800 = $100 billion.
I honestly don't think we've seen the worst, mainly because of the fact that all the worthless ETF speculation has given people enough hope to at least have more patience before tanking the market further. Without ETF speculation the market would probably look a whole lot different right now.
I did not look at the price from that viewpoint, but if we look at the numbers, 100$ billion market cap can have a really great psychological value. But who is keeping
BTC to not sink below 5800$, miners, whales or someone else? I do not know if miners have anything with this since they are still in profit even with price lower then 5800$.
ETFs speculation have some effect on total crypto market, and it will continue in the following months since Vaneck Solidx Bitcoin Trust is just delayed for September 30, and it will probably be postponed for December and then for next year. Also we should not forget
Bakkt which should start in November.
Bakkt and probably new expectation of ETF approval in December should make some positive atmosphere in December, or maybe not?