Assessing whether Bitcoin can rise above $27k once again
The post Assessing whether Bitcoin can rise above $27k once again appeared on BitcoinEthereumNews.com. BTC was down by more than 3% last week and was trading at $26,887.08. Though the price action was bearish, on-chain metrics turned bullish. Bitcoin [BTC] managed to lift its price above $27,000, but last week, things again turned in bears’ favor. This happened because BTC witnessed a major price correction, pushing its price down. Read Bitcoin’s [BTC] Price Prediction 2023-24 Therefore, let’s take a look at BTC’s performance on multiple fronts last week to see what’s actually cooking. Bitcoin falls below $27,000 After reaching nearly $28,000 on 9 October, the king of crypto’s price witnessed a price correction. Over the last seven days, BTC’s price has remained under $27,000. At press time, it was trading at $26,887.08 with a market capitalization of over $524 billion. Notably, James V. Straten, a popular crypto analyst, recently pointed out how Bitcoin performed over the last week on multiple fronts. To sum up this week for #Bitcoin Most likely spot ETF approval (next 6 months. #GBTC closed higher. Max fear: STHs sold the second most amount of #Bitcoin at a loss this year with record divergence with LTHs (Wednesday). Speculation is near all time lows, STH supply at all… — James V. Straten (@jimmyvs24) October 14, 2023 For instance, short-term holders sold the second-largest amount of Bitcoin at a loss this year, with record divergence from long-term holders. This somewhat also reflected on the coin’s supply. BTC’s Supply outside of Exchanges remained flat while its Supply on Exchanges increased last week, which reflected investors’ fear of a further price plummet. Nonetheless, whale activity around BTC remained high, as evident from its Whale Transaction Count. Source: Santiment A look at Bitcoin’s mining sector Bitcoin’s upcoming major event is also drawing in, as the blockchain is expecting its halving in 2024. In fact, BTC is…
The post Assessing whether Bitcoin can rise above $27k once again appeared on BitcoinEthereumNews.com.
BTC was down by more than 3% last week and was trading at $26,887.08. Though the price action was bearish, on-chain metrics turned bullish. Bitcoin [BTC] managed to lift its price above $27,000, but last week, things again turned in bears’ favor. This happened because BTC witnessed a major price correction, pushing its price down. Read Bitcoin’s [BTC] Price Prediction 2023-24 Therefore, let’s take a look at BTC’s performance on multiple fronts last week to see what’s actually cooking. Bitcoin falls below $27,000 After reaching nearly $28,000 on 9 October, the king of crypto’s price witnessed a price correction. Over the last seven days, BTC’s price has remained under $27,000. At press time, it was trading at $26,887.08 with a market capitalization of over $524 billion. Notably, James V. Straten, a popular crypto analyst, recently pointed out how Bitcoin performed over the last week on multiple fronts. To sum up this week for #Bitcoin Most likely spot ETF approval (next 6 months. #GBTC closed higher. Max fear: STHs sold the second most amount of #Bitcoin at a loss this year with record divergence with LTHs (Wednesday). Speculation is near all time lows, STH supply at all… — James V. Straten (@jimmyvs24) October 14, 2023 For instance, short-term holders sold the second-largest amount of Bitcoin at a loss this year, with record divergence from long-term holders. This somewhat also reflected on the coin’s supply. BTC’s Supply outside of Exchanges remained flat while its Supply on Exchanges increased last week, which reflected investors’ fear of a further price plummet. Nonetheless, whale activity around BTC remained high, as evident from its Whale Transaction Count. Source: Santiment A look at Bitcoin’s mining sector Bitcoin’s upcoming major event is also drawing in, as the blockchain is expecting its halving in 2024. In fact, BTC is…
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