Bitcoin prices are facing resistance after reaching an annual high of $36000. Bulls must regain support above $35000, otherwise BTC may fall and seek liquidity towards $33000
Bitcoin prices are facing resistance after reaching an annual high of $36000. Bulls must regain support above $35000, otherwise BTC may fall and seek liquidity towards $33000.
The Bitcoin (BTC) and cryptocurrency markets encountered a headwind on Friday, falling below $35000 just one day after climbing to the tested resistance level of $35000. The bearish outlook has spread across the board, with counterfeit currencies such as Coin On, Solana, and Tron falling by 1.5%, 2.4%, and 1.7%, respectively.
After the Federal Open Market Committee meeting on Wednesday, traders have been enthusiastic about Bitcoin's performance. The Federal Reserve maintains interest rates unchanged, but insists on the need to raise rates again before the end of the year and implement strict monetary policy in the coming months to support the world's largest economy in its struggle to reduce inflation.
Please note that against the backdrop of spot speculation in Bitcoin ETFs, two consecutive "pause" interest rates by the Federal Reserve, and Chairman Jerome Powell's dovish speech easing macroeconomic and geopolitical impacts, the decline in the crypto market is also accompanied by the long-awaited recovery in the crypto market; Institutional investors are buying again.
The fear and greed index in the crypto market has dropped from 72 to 65 in the past 24 hours. However, the overall sentiment remains bullish.
The cryptocurrency market has fallen after several weeks of recovery
The trader decided to take profits due to Friday's expiration. According to Deribit data, the nominal value is1.46 billion US dollars42000 BTC options are about to expire, with a put option ratio of 0.58. The biggest pain point is $30000. In addition, the nominal value is390 million US dollars220000 ETH options are about to expire. The put option ratio is 0.55, with a maximum pain of $1700.
CoinglassData shows that the large-scale liquidation amount in the past two days has exceeded $150 million. Over 52000 traders have been cleared within the past 24 hours,BitMEXXBTUSDThe largest single settlement order on the list is worth $2 million. Due to the sell-off, the wider cryptocurrency market is in a "red" state today.
Meanwhile, digital asset investment products received $326 million in revenue last week, the largest weekly inflow since July 2022. Adding to the institution's purchase of Bitcoin in the ETF hype, Solana recorded its largest weekly inflow of $24 million since March 2022.
Paul Brody, head of global blockchain at Ernst&Young, stated that the family office has shown interest in investing in cryptocurrencies. Institutional funds and other large institutions are waiting for SEC approval for Bitcoin ETFs.
Reminder of upcoming profitable bookings
Julio Monero, head of CryptoQuant researchRecently, it has been pointed out that there have been two significant on chain developments following the recent rise in Bitcoin prices, indicating that the upward trend may be halted. After a large-scale "uptober" rebound, profit expectations are expected.
In addition, Popular analystsAliMartinezIn an article on X, it was shared that TD order indicators provide sell signals for Cardano (ADA), ShibaInu (SHIB), Dogecoin (DOE), and Injective (INJ). Cardano (ADA), ShibaInu (SHIB), Dogecoin (DOE), and Injective (INJ) rose during the recovery of the cryptocurrency market last month.
However, after being rejected, market sentiment remains positive and is expected to continue to rise. Matrixport predicts that Bitcoin prices will reach $45000 in 2023 and $125000 by the end of 2024. In addition, as the price of Bitcoin officially forms a "golden cross" and macro factors ease, Arthur Hayes, co-founder of BitMEX, suggests buying Bitcoin.
The BTC price has decreased by 3% in the past 24 hours and is currently close to $34300. The lowest and highest prices for 24 hours are $34358 and $35458, respectively. In addition, trading volume has decreased by 25% in the past 24 hours.
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