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Заголовок Bitcoin Price Analysis: The Fed Cut Rates, Now What’s Next for BTC?
Дата 20240918

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Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Price Analysis: The Fed Cut Rates, Now What s Next for BTC?

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Price Analysis: The Fed Cut Rates, Now What s Next for BTC?

Author: CryptoVizArt

Last Updated Sep 18, 2024 @ 18:36

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price finally looks set to break back above the $60K level after
weeks of consolidation. However, there is still one more key resistance level
that the price needs to overcome.

Technical Analysis

By: Edris Derakhshi (TradingRage)

The Daily Chart

On the daily timeframe, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price is demonstrating a willingness to
finally break above the $60K resistance level, following its rebound from
$52K.

The RSI also shows values above 50, indicating that the market momentum is
bullish once again. However, for the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта to begin a new long-term
rally, the price should first rise above the 200-day moving average, which is
located near the $64K resistance level. Source: TradingView

The 4-Hour Chart

The 4-hour chart clarifies the recent price action, as the market has been
making higher highs and lows since bouncing from the $52K support level.

As this suggests, it is only a matter of time for the $60K resistance level to
be broken to the upside, which would pave the way for BTC to rally toward the
significant $64K resistance area. The RSI is also showing bullish momentum in
this timeframe and has yet to reach the overbought region. Therefore, the
market seems to be on the verge of an increase, at least in the short term.
Source: TradingView

On-Chain Analysis

By Edris Derakhshi (TradingRage)

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Exchange Supply Ratio

To sell their coins in the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта, most people have to first deposit
them into an exchange. The amount of BTC held in exchange wallets is,
therefore, a proxy for market supply (at least retail), and analyzing its
trends could be beneficial.

This chart presents the BTC exchange supply ratio, which measures the ratio of
the BTC held in exchanges to the total supply of the coin.

As it shows, the metric has been declining rapidly since February, indicating
that heavy accumulation occurred during the recent consolidation. As a result,
if sufficient demand is present, the market can begin a new rally toward
higher prices. Source: CryptoQuant

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Cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта charts by TradingView.

Tags: Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) Price

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