BTC had a very good week, where the price of coin returned to its highest levels, above the $122K, modestly touching the new all time highest level at $123.870. At Saturdays trading, the price modestly reverted back to $122K. There are several reasons for such a move during the week. Political and fiscal uncertainty caused by the “shutdown” of the US government on October 1st, prompted some investors to enter into more “safe-haven” alternatives like BTC. On the other hand, weaker private jobs and the government shutdown increased investors expectations that the Fed might cut further interest rates as of the end of October by another 25 basis points, which again supported investments in riskier assets. As per comments from analysts, the latest push of BTC to the upside was supported by a real allocation of funds from investors, where the most of it came from institutional ones, while on-chain data shows fiat funding rates and accumulation by long-term holders, implying the move is backed by real demand rather than excessive leverage.
BTC started the week around the level of $112K, and for the rest of the week was strongly pushed toward the $123K. The RSI modestly touched the level of 70, indicating the potential for a short term reversal in the coming period. Although MA50 previously started its modest path toward the MA200, since last week, it reverted back to the old path, and started diverging again from its counterpart. The cross is certainly not in store for some time in the future.
The combination of fundamentals pushed the price of BTC toward the upside during the previous week. It could be expected that on the same grounds the price of BTC will either hold with a modest reversal, or will be pushed further, depending on further fundamental news. In case that BTC starts to revert, then the next level to watch would be the $118K current support. On the upside, $123K is the level to watch. In case that it is clearly broken toward the upside, then we will have a fresh new ATH for BTC.
BTC started the week around the level of $112K, and for the rest of the week was strongly pushed toward the $123K. The RSI modestly touched the level of 70, indicating the potential for a short term reversal in the coming period. Although MA50 previously started its modest path toward the MA200, since last week, it reverted back to the old path, and started diverging again from its counterpart. The cross is certainly not in store for some time in the future.
The combination of fundamentals pushed the price of BTC toward the upside during the previous week. It could be expected that on the same grounds the price of BTC will either hold with a modest reversal, or will be pushed further, depending on further fundamental news. In case that BTC starts to revert, then the next level to watch would be the $118K current support. On the upside, $123K is the level to watch. In case that it is clearly broken toward the upside, then we will have a fresh new ATH for BTC.
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Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.