AVAX's recovery could be delayed after hitting a potential hurdle amidst a weak BTC.
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Over the last month, BTC struggled to stay above $30k and consolidated between $29k – $30k. As sellers steadily gained control, further losses were imminent. The recent excessive dip below $27k was unexpected but further cemented bears’ leverage.The extended pullback on 17 August eased at the June low . It shows all June/July gains were reversed. But bulls attempted to regain control at the time of writing. Unfortunately, the recovery hit the previous support of $11.
The Relative Strength Index retreated to the oversold zone and showed signs of reversal, which could point to an extra price pivot to the upside. But the Chaikin Money Flow remained below zero, signaling muted capital inflows. Besides, with a weak BTC below $27k, flipping $11 to support could be more challenging. So, AVAX could consolidate losses below $10 or dip to $9.33 if BTC’s weakening extends.
Conversely, a foray above $11 could tip bulls to focus on the next target at $12 if the current sentiment improves.
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