The Bitcoin price is rejected at an important level, but starts piling up

Bitcoin (BTC) fell below $25,000 last week after the US central bank announced that it would carry out more price hikes this year. A day later, bitcoin rebounded after Blackrock, the world’s largest asset manager, applied for a bitcoin ETF.

By Saturday morning, bitcoin was trading around $26,600, where the infamous 200-week moving average is located. Bitcoin failed to break out last weekend. The price then fell slightly, but seems to be finding support around $26,400 for the time being.

BTC is priced at $26,395 on Binance and $24,147 on Bitvavo at the time of writing. This has led to a 0.5% drop in the bitcoin price today, a total market cap of $513 billion and a control of 48.1%. The fear and greed index came in at 47 (neutral).

The Bitcoin Fear and Greed indicator is ~47 neutral
Current price: $26,336 pic.twitter.com/7XPRu7tBxP

Bitcoin Fear and Greed Index June 19, 2023

Markets are closed today, speeches this week

After a rather hectic week with important interest rate decisions, this week seems calmer again in terms of macroeconomic data. First, the US stock markets remain closed today due to “Juneteenth,” a national holiday.

I have some bad news for Degen-

The market is closed Mondays pic.twitter.com/y6wbJf5L2r

– Disruptor (DisruptorStocks) June 16, 2023

We also have letters this week from members of the Federal Reserve, including Chairman Jerome Powell. Powell took care of him extremist Talk of lower interest rates, despite the Fed’s announcement of a rate break.

Housing market data and unemployment figures will also be released this week. A more detailed overview of this week’s most important macro data can be found here.

Next week 🎞️:

▪️ NAHB Housing 🏠 Monday Index
▪️ Residences start Tuesday
▪️ Mortgage Applications Wed
Powell to Congress at a bi-annual fiscal meeting
Initial jobless claims and existing home sales Thursday

Free newsletter -> https://t.co/V9Pl0LSb5u pic.twitter.com/FmFZkv4kvr

– Rahul (@rhemrajani9) June 18, 2023

The Blackrock ETF allows the accumulation of bitcoin

Blackrock app to get new bitcoin exchange traded fund An ETF, or exchange-traded fund, makes more optimistic sense in the market. Analyst James V. Straten reports that investors are starting to accumulate BTC again.

Black Rock # Bitcoin Perhaps it was the ETF news that sparked the start of the summer backlog. Almost all cohorts are out of the distribution and into light accumulation. pic.twitter.com/v3Ggd01XV6

– James F. Street (@jimmyvs24) June 18, 2023

Meanwhile, a large group is still holding on to their bitcoin. The number of HODLers has reached a new level, Decentrader reports. The number of wallets holding BTC for more than a year is now 70%, the highest number ever.

#Bitcoin HODLers keep on making new highs!

The amount of wallets holding coins for 1 year+ is now at 70%, the highest it has ever been! https://t.co/GxukP2b3cl pic.twitter.com/ucfprWjFU1

— Decentrader (@decentrader) June 19, 2023

Bitcoin rejected at the 200-WMA

The 200-week simple moving average is a common metric for distinguishing a bull market from a bear market. So it comes as no surprise that Bitcoin first found support here and that this could now turn into resistance.

If you are surprised where #BTC The resistance is that you are not paying attention.

Bullish dreams live above the 200-week moving average, the way to # just chill under it. pic.twitter.com/qPul7aT3Ls

– Keith Allan (KAProductions) June 17, 2023

However, analyst Rekt Capital reports that the 200-WMA rejection and the fact that Bitcoin closed the week below, is bearish Signal. So the analyst expects more declines.

#BTC Surge straight to the 200-week moving average

Convert moving average to new resistance and BTC dollars It will achieve the two-step collapse confirmation

It is likely to precede this further downtrend# encrypt # Bitcoin https://t.co/2UOAJYO8FS pic.twitter.com/xYF9bTM3dI

– Rekt Capital (rektcapital) June 18, 2023

However, the price seems to be supported by another popular metric: Short term carrier cost basis About $26,400. According to analytics firm Glassnode, this is a “critical level in determining the direction and momentum of a local trend.”

recent fluctuation in # Bitcoin Price action has been pegged around a short term holder cost base of $26.4K.

This indicates that STH-CB is still a pivotal level in determining the direction and momentum of the local trend. pic.twitter.com/QUgw0midet

– glassnode (glassnode) June 17, 2023

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