TokenPost: Daily Analysis of Bitcoin (BTC/USD) by FxWirePro
Key Resistance Level – $52530.
Bitcoin/USD is stabilizing following a substantial rise. The pair reached a peak of $64739 just the day before and is currently hovering at approximately $63423.
Observations from the Blockchain:
Whales have been notably active, gathering 1,115 $BTC (value roughly at $65.1M) from #Binance in early September, with the average buy price at $58,382.
Bitcoin-based ETFs experienced an influx of $4.5 million last Monday, with Fidelity’s FBTC leading at $24.9 million.
US Equities:
NASDAQ shows no direct link to BTC’s performance – Outlook is optimistic (neutral influence on BTC). The NASDAQ climbs with strong market morale. Any close over the 20000 mark could drive the index to 20500 boundaries.
Market Technicals:
In the 4-hour timeframe, BTC/USD is trading above both short-term (34-EMA and 55-EMA) and long-term (200-EMA) moving averages.
Support set at $60000. Falling below this could lead to further supports at $57000, $55000, $52500, $50000, and ultimately $46000.
Optimistic Scenario:
Majors supply zone is at $65000. Surpassing this level could indicate short-term upward momentum, potentially reaching $67000 or $70000.
Further Hurdle at $70000. Securing a position above this level could have targets heading towards $750000 and $80000.
Indicators (4-hour chart):
Commodity Channel Index (CCI) (14) – Positive
Commodity Channel Index (CCI) (50) – Positive
Average Directional Movement Index (ADX) – Positive Outlook
Purchasing on dips near $61800 with a stop loss at $57000 for a target price of $70000 is recommended.
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