Bitcoin pulled back from recent highs during yesterday's session however today the price of major cryptocurrency is approaching $46,000 level amid rising interest from retail investors and despite the fact that US lawmakers rejected an attempt to amend tax rules targeting crypto. Also the market seems to ignore the recent Poly network hack, during which approximately US$600 million worth of crypto assets has been hijacked. The hackers siphoned off Ethereum, Shiba Inu, Wrapped Bitcoin and USD coin, among others.
Meanwhile, according to Glassnode data, the total supply of bitcoin held by small investors with a balance of 0.1-1 BTC has continued to increase alongside bitcoin’s price suggesting retail is buying up alongside institutional investors. This is optimistic news as in the past small investors have contributed significantly to the upward movements.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
Recent data point to a rising interest from retail traders. Source: Glassnode
Bitcoin pulled back from strong resistance at $ 46672 which coincides with 50% Fibonacci retracement of the last downward wave, however sellers failed to break below 200 SMA (red line) which now acts as main support. Should the uptrend be maintained and Bitcoins break above the aforementioned resistance area, the next target for bulls can be found at the 61.8% exterior retracement around $50882. On the other hand, should there be a change in the current sentiment, then the nearest support is located at the $ 42,465 level. 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.
