Although the upcoming FED meeting may worry investors Bitcoin (BTC) it was able to make its monthly close of over $60,000. Although the price, which has been holding on to over $62,000 for a while during the day, has retreated Glassnode the data published by show that the rise may continue. In the short term, though, Tuesday and Wednesday will be critical.
At the time of writing, Bitcoin (BTC) he finds buyers from $61,500. On the four-hour chart, moving averages support further rises. But it doesn’t say that the momentum is too strong. RSI it is still in the neutral zone, and ADX characterizes the current situation as horizontal. MACD the positive is that if the Bitcoin price can stay above the 61.500 dollar, it can turn the 63.000 level into support in a short time.
It is necessary to consider the suppressed price today in the week’s special. Powell the perturbation of the statements to be made by short-term investors negatively affected them. Volatility in the price may increase even more on Tuesday and Wednesday evenings. Who seems to have priced the meeting for now Bitcoin (BTC) if there are no harsh statements from the FED Chairman about the asset purchase, he has all the opportunities to continue his rise.
An Important Metric For Bitcoin (BTC)
It is often used to determine the peak points of the price Whalesupply Shock The (Whales’ Supply Shock) metric indicates that reserves are increasing. This indicator represents the ratio of assets held by the whale and small investors (fish). As you know, 10,000 to 100,000 Bitcoin wallets that have a size between them are called whale-shaped. Decoupage The wallet size of smaller investors, which we can call fish, is 0.001 to 1.000 BTC it varies between dec.
The image found above will allow you to understand this more clearly.
Dor Shahar, an analyst at Cryptojungle, thinks that the current situation may have an impact on the supply dynamics and, consequently, on the price. If we need to give an example from the recent past,, BTC price, it reached about $65,000 in April, two months after the supply held by the whales reached a periodic peak.
July whales, which have increased their assets since the end of July, have moved the price from $ 30,000 (July 20) to exactly $ 67,000.
Also on the technical analysis side BTC it is known that its price forms a classic bullish continuation model called the “Bull Flag”. However, the price seems ready to move out of the december of ongoing consolidation and rise as high as the height of the previous uptrend, which is also known as the “Flagpole”. Well, what does this mean? If the model can complete itself, $70,000 may be possible in the short term. Although it is modest compared to the $ 93,000 target set by PlanB, the fact that money is shifting to altcoins again in this region means that many projects can double their price up to 2 or even 4-5 times.