Accumulating BTC – The company MicroStrategy is known for its DCA (Dollar Cost Averaging) strategy implemented in 2020. Since then, other companies have followed suit, and the latest is the one led by Jack Dorsey: The Block.
After experiencing several weeks of excess, the price of Bitcoin fell below $60,000. Following this decline, certain indicators such as Crypto Fear and Greed have deflated, even moving into the fear zone. However, it is often during periods of uncertainty that Bitcoin surprises operators. To do this, market players would have to stop distributing. Here is today’s newsletter!
Bitcoin price rises 6% in 24 hours
The fall below $60,000 caused a buyer reaction. In fact, the price of Bitcoin is climbing 6% in 24 hours And evolves around $63,000. Thanks to this movement, BTC is no longer in the negative over a week:
Over one month, BTC drop of almost 4%. For its part, the BTC/ETH pair is regaining color with this rebound. She climbs 2% in 24 hours and approximately 1.5% over one month. Capital is once again focused on Bitcoin.
All wallets distribute their btc
When the price of an asset is in bullish trendit inevitably experiences declines allowing the price of breatheand to the operators of take profits. Certain on-chain indicators make it possible to assess the investor behavior in the cryptocurrency market. Whales and small wallets distribute-they ? or are they in the process ofaccumulate ? THE Trend Accumulation Score by Cohort from Glassnode gives these indications:
However, it turns out that all operators – whales and small wallets – are in the process of distribute. This sales pressure is important and generates fall in the price of Bitcoin. The king of crypto is in the same situation as in September 2023. A period during which BTC lateralized because of this selling pressure. And like in September, the primary bullish trend could return once the operators will have released the “sell” button.
The price of Bitcoin returns to $60,000
There buyer reaction allowed the BTC price to break resistance at $61,500 and the bearish trendline. The institutional bias (EMA 9/EMA 18) is bullish again, and could act as a dynamic support. Buyers must now defend support at $61,500 to find the resistance at $64,500 :
If Bitcoin regains momentum with rising lows and highs on the other side of the trendline, the asset could have finished his correction. To do this, it would be necessary break away from resistance at $64,500and also that to $67,000. THE $67,000 correspond to the last low which should be defended by sellers. The RSI broke the bearish trendlineTHE buyers have the advantage of momentum in 4 hours.
Despite the selling pressure exerted by all investors, the price of Bitcoin manages to regain $60,000. Now, the buyers’ goal is to regain momentum with ascending lows and highs. The bulls will have to defend $61,500, and get back beyond $67,000. Ethereum manages to maintain the 4H support located at $2,900.
