Where is the next pressure level for BTC? VanEck: Bitcoin's unrealized profit and loss breaking through 0.5 is the key
- PHPzOriginal
- 2024-07-19 01:43:50753browse
This site (120bTC.coM): Bitcoin reached a high of close to US$65,000 this morning (16th). The daily increase is the most obvious rebound in the past two months, compared with 53,000 US dollars in early July. At the low point, it has risen by more than 20%.
Where will BTC’s next pressure level be?
Analysts said that according to Fibonacci retracement, BTC has just reached the rebound level of 0.618, has reached the stage goal, and may go back to test $62,700; however, if the rebound is stronger, the next pressure level will be $68,137 at 0.786.
Judging from the intensive transaction area since March, the current trading volume of BTC is quite intensive between US$62,000 and US$68,000. If it can successfully break through the upper edge of US$68,500, it may challenge the historical high again.
Bitfinex: The selling pressure from long-term holders seems to have weakened
The Bitfinex exchange also issued an analysis. Although the current rebound of the market does not confirm that the downturn has completely ended, another positive factor is that in the long term Selling pressure on holders (LTH) appears to have abated: LTH supply has stabilized at around 14.8 million BTC from 16.2 million BTC in January, a stabilization that indicates easing selling pressure. Additionally, Germany’s Bitcoin sell-off has ended, and on the regulatory front, the U.S. Securities and Exchange Commission (SEC) has concluded investigations into Hiro Systems and Paxful.
VanEck: Market sentiment may usher in a key change
Matt Sigel, director of digital asset research at asset management giant VanEck, also posted on social platform This represents a key sentiment shift in the market: NUPL is about to break above 0.5, which is a key sentiment shift. The last time this happened, on February 8, Bitcoin rose from $45,000 to $73,000 in 34 days, an increase of 62%.
Matt Sigel’s view also led community members to predict that Bitcoin may reach $100,000 before the US election.
X analyst Titan of Crypto wrote that the current trend of BTC is similar to Wyckoff’s Fundraising Principle 1, and he is optimistic that Bitcoin will break through new highs while fluctuating higher.
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