Bitcoin is gaining today on the back of growing optimism on Wall Street and weakness in the U.S. dollar.
The largest cryptocurrency has halted its decline around the psychologically important $99,000–$100,000 zone, which also coincides with key on-chain levels.This is where the Short-Term Holder (STH) Average Realized Price is located—representing the average purchase price of BTC held by short-term investors. Fed Chair Jerome Powell did not rule out earlier interest rate cuts if the labor market continues to weaken and inflation readings fail to show the uptick anticipated by the Federal Reserve.
Bitcoin (Daily Interval – D1)
Looking at the daily chart, BTC appears to be attempting a breakout from a bull flag formation. A sustained move above the 61.8% and 71.6% Fibonacci retracement levels of the recent downward impulse could pave the way toward new all-time highs.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appOn the flip side, another downward leg cannot be ruled out, because the current price channel signals still big selling pressure. If long-term holders begin distributing coins again in the $105,000–$110,000 area and there is insufficient buy-side demand, Bitcoin may face renewed selling pressure.
Source: xStation5
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
