November 2, 2024

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

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).

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.

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.

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.

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 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.

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.

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.”

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