Buying reaction on Bitcoin price- As the debt negotiations in the United States evolve, it seems that the financial markets believe that a compromise could be found. The US market and cryptocurrencies are taking advantage of this to regain some color. In fact, the Bitcoin market is down 2% in 24 hours. Of son, Ethereum posted a decline of 2.3% in 24 hours.
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Bitcoin price drops 2% in 24 hours
BTC regains colors and clamp of 2% in 24h. Thanks to this increase, the price of Bitcoin is stable after one week :
Nevertheless, the course 10% shot in a month. For its part, the BTC/ETH pair continues to stagnates after a weekmore Ethereum seems find colors against the BTC for a few weeks. If Ethereum continues to push, altcoins will pour in to take advantage.
Bitcoin price moves above the realized price
I’parse in chain allows you to know the different High Level Blockchain Movements. Thus, we can know at what price bitcoins were acquired by operators. You realized price (realized price) is the average of the bitcoin purchase price of all operators. Here are the graphics:
All returns below the realized price (blue curve) have beenexcellent buy signals. This was particularly the case at the end of the bear market in 2019and during the Covid crash in 2020. New the price fell below the realized price around $20,000. Was this a great buying opportunity? No one can be sure. You market is young, it is evolving And this indicator could sooner or later be called into question. After this indicator, a buyback of $20,000 will be a real opportunity. However, it is not certain that operators would appreciate a new return below this level…
Bitcoin price bounces off the bearish trendline
Bitcoin has reacted well to the level of the bearish trend. The course could score joined DETOUR under the support at $26,700but it is not won yet:
If the course resumes support areait could quickly return to the level of the resistance at 27,500 $. On the other hand, if the sellers prove themselves and the level at $26,700 throw the coursethere is already a risk of returning $25,000. Either way, buyers need to push to close above the last high marked at $27,650.
The RSI reacted well below the bullish line trend. It will again need to show bottoms and rising tops for the Buyers regain control of momentum.
Bitcoin fell below the realized price in 2022, this was an incredible opportunity for investors if we look back. In the short term, the price of Bitcoin will have to recover the level at $26,700, and break the resistance at $27,500. A rejection here would give the sellers another chance, and the price could go back to $25,000.
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