Bitcoin price is targeting $61,400 at the time of writing and is stalling at $61,288. Another disappointment? It’s too early to talk, but those who saw the upward attempts in previous weeks as short selling opportunities are expected to experience a major reversal in the next attempts, if not this time. At least that’s what historical data says.
Bitcoin (BTC)
ETF We have seen net entry in the channel since August 7 except for 2 days and the fluctuating price turned into a buying opportunity on the institutional front. Technical analyst SuperBro argues in his latest assessment that the last negative pricing due to the US elections is reasonable. He previously mentioned that the price made a new bottom in July or August. However, this time the bottom can be considered a coincidence as it is related to global recession concerns. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
CryptoQuant, Bitcoin Although some say that whales have slowed down their buying pace since the all-time high in March, details in the Fed minutes that could be considered a definite rate cut signal now suggest that the rise should begin.
BTC It needs to close above the 50-day simple moving average of $61,314. Although it was tried at the time of writing, it was unsuccessful due to profit taking, but the night is long. If we start seeing closes above this level, the rise to $65,660 and $70,000 could continue.
The target will be to break the $73,777 resistance level and now target $80,000 for the real ATH. In the opposite scenario, there may be a fall again to $55,724 and $49,000.
Ethereum (ETH)
ETH It is difficult to talk about a return unless the EMA20 level of $2,707 is exceeded. The price is at $2,636 at the time of writing. If $2,500 is lost, a drop to $2,300 and $2,111 may occur. However, closing above EMA20 may initiate a movement towards the $2,850 breakout level. BTC ETF We have also seen delayed pricing during the process.
If ETH repeats this, it will soon need to move towards ATH. Of course, what is needed for this process to proceed healthily is for the BTC price to exceed $70,000.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
