The bull market of Bitcoin may return again.
The price of Bitcoin rose above $27,000 once again before experiencing a slight pullback to around $26,500, causing some concerns among investors. This came after a central bank meeting in the United States hinted at another interest rate hike later this year. Additionally, short-term profit-takers started selling Bitcoin after the price touched support levels at around $25,500 in the past week, before surging above $27,000 in the last few days.
Lars Seier Christensen, the founder of Enterprise Blockchain Concordium, recently stated in an interview, "The next bull market for cryptocurrencies doesn't have the same positive factors as the previous one, and investors should manage their expectations regarding the rising prices of digital assets. So, the prices of various assets may not skyrocket as they did in 2021, but rather grow gradually in the future."
He also noted that "While cryptocurrency prices have declined over the past 18 months, interest in blockchain technology from organizations hasn't diminished. The primary reason organizations need crypto is for conducting transactions on blockchains that are faster and cheaper."
Despite many companies seeking to establish Bitcoin ETFs to open up investment opportunities for institutional investors, the U.S. SEC has not expressed any specific importance regarding the establishment of ETFs in this round. This may potentially impact the future, as there may not be any Bitcoin ETFs created.
The current Bitcoin rally also stems from the extension of the Mt. Gox creditor payout deadline to October 31, 2024. Between 2011 and 2014, Mt. Gox encountered a major problem - a hack that led to the loss of nearly 850,000 BTC. This resulted in legal battles to recover the hacked BTC and compensate creditors, numbering over 10,000. At present, nearly 20% of the stolen assets have been recovered.
The extension of this creditor payout is seen as a relief for Bitcoin holders as it helps alleviate concerns about the potential impact on Bitcoin's price. There is worry that a significant influx of BTC into the market, coupled with short-term profit-taking, could significantly reduce Bitcoin's price.
Techical analysis data (5H)
Resistance: 26704.6, 26761.3, 26817.6
Support: 26591.6, 26535.3, 26478.6
Pivot Points June September 22, 2023 04:40 PM GMT+7
|
Name
|
S3
|
S2
|
S1
|
Pivot Points
|
R1
|
R2
|
R3
|
| Classic | 26478.6 | 26535.3 | 26591.6 | 26648.3 | 26704.6 | 26761.3 | 26817.6 |
| Fibonacci | 26535.3 | 26578.5 | 26605.1 | 26648.3 | 26691.5 | 26718.1 | 26761.3 |
| Camarilla | 26616.9 | 26627.3 | 26637.6 | 26648.3 | 26658.4 | 26668.7 | 26679.1 |
| Woodie's | 26478.4 | 26535.2 | 26591.4 | 26648.2 | 26704.4 | 26761.2 | 26817.4 |
| DeMark's | - | - | 26563.5 | 26634.2 | 26676.5 | - | - |
Buy/Long 1: If the price touch of support in the price range of 26,535.3 - 26,591.6 but it cannot break through the support at 26,591.6, you may consider setting a TP around 26,761.3 and an SL at approximately 26,478.6 or according to your acceptable risk level.
Buy/Long 2: If the price breaks through the resistance in the price range of 26,704.6 - 26,761.3, you may consider setting a TP around 26,817.6 and an SL at approximately 26,535.3 or according to your acceptable risk level.
Sell/Short 1: If the price touch of resistance in the price range of 26,704.6 - 26,761.3 but it cannot break through the resistance at 26,704.6, you may consider setting a TP around 26,535.3 and an SL at approximately 26,817.6 or according to your acceptable risk level.
Sell/Short 2: If the price breaks through the support in the price range of 26,535.3 - 26,591.6, you may consider setting a TP around 26,478.6 and an SL at approximately 26,761.3 or according to your acceptable risk level.
Technical Indicators September 22, 2023 04:40 PM GMT+7
|
Name
|
Value
|
Action
|
||
| RSI(14) | 46.64 | Neutral | ||
| STOCH(9,6) | 95.843 | Overbought | ||
| STOCHRSI(14) | 10.777 | Oversold | ||
| MACD(12,26) | 14 | Buy | ||
| ADX(14) | 31.62 | Sell | ||
| Williams %R | -4.764 | Overbought | ||
| CCI(14) | -86.8688 | Sell | ||
| ATR(14) | 280 | Less Volatility | ||
| Highs/Lows(14) | -124.2857 | Sell | ||
| Ultimate Oscillator | 43.304 | Sell | ||
| ROC | -1.204 | Sell | ||
| Bull/Bear Power(13) | -222.844 | Sell | ||
