Hello everyone, I'm Xiaoyu. Today we're going to have another Bitcoin (BTC) game~As everyone knows, since Friday, the price of BTC has been hovering between $34500 and $35500
Hello everyone, I'm Xiaoyu. Today we're going to have another Bitcoin (BTC) game~
As everyone knows, since Friday, the price of BTC has been hovering between $34500 and $35500. The price of BTC has been consolidating around the $35000 mark for most of the weekend, but today it's unbearable. In the early morning, BTC hit 36000 again, but unfortunately it didn't succeed and fell back again. As of Xiaoyu's writing, the price is 35341. Currently, after the early morning impact, it has not dropped below 35000.
When btc prices hit a new high in 2023 last week, btc miners used the rebound to sell off some reserves.
Due to the positive response of the market to the October 2023 non farm employment report, the price of btc has risen to an annual high of 35984. BTC miners used this upward trend to sell over 2000 Bitcoins.
Price Forecast
From a chain perspective, so far, bulls seem to firmly control the November BTC market. If miners continue to increase their holdings, BTC prices may return to the 40000 level in the coming weeks.
The Global Fund Inflow/Outflow (GIOM) data, which groups current BTC holders based on entry prices, also confirms this bullish forecast.
It indicates that BTC must break through the resistance level of 38600 in order for bulls to have confidence in breaking through $40000. As shown in the figure below, 624090 holders purchased 309880BTC at an average price of $38612. If these holders sell early, they may greatly slow down the upward trend.
But if the resistance level drops, Bitcoin prices may return to 40000 as expected.
Of course, there are also disadvantages.
If the BTC price reverses to below 33000, the situation will not be optimistic. However, in this case, the 2 million BTC holders who purchase 604200 BTC at the lowest price of 33900 will establish a support wall. If these investors can hold on, the BTC price may remain within the 34000 range and prevent a significant bearish reversal.
Little Fish Reminder:There is a delay in the review of article releases, and the strategy is for reference only. Investment always involves risks. Friends should make decisions based on their own risk tolerance and investment goals.
If you have any questions about the above content, you can directly ask Xiaoyu. As long as Xiaoyu knows about it, he will definitely speak up!
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