Bitcoin gains today another 0.5% rising above $114k and approaching an important zone near $115k. The US Dollar loses after the weak US jobless claims data, while Wall Street gain on hope for at least 2 Fed rate cuts this year. Ethereum also gains today, rising almost 1.5% above $4400.
As we can see below, Bitcoin is now traded well above STH Realized Price, which now is an important on-chain support zone, near $110k. As long as price is above this level, we can expect that demand will try to recover after the short sell-off.
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Source: Bitcoin Magazine Pro
Bitcoin (D1 interval)
Looking at the chart, we can see that Bitcoin rebounds above EMA50 (the orange line) and 38.2 Fibonacci retracement of the last downward wave, signalling a possible test of $117k price zone.
Source: xStation5
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