CandleFocus Bitcoin recovers slightly amid sparse on-chain data signals
2024-09-10
Author: Content Editor
Bitcoin (BTC) has experienced a 4% gain after trading just above $57,000. This increase in value is attributed to ETF inflows, whale buying activity during price dips, a long-to-short ratio above one, and increasing stablecoin holdings on exchanges. Large investors have also been buying BTC in order to profit from recent price dips. The price of BTC retested the $54,000 support level and bounced back by 5.5% over the next two days. It has since broken and closed above the daily resistance level of $56,022. If this level continues to hold as support, BTC could rise 4% to retest its 50% price retracement level at $59,529. However, if the support level of $54,000 is breached, BTC could decline by 7% and retest the next support level at $49,917. The indicators on the daily chart suggest indecisiveness among investors and further recovery relies on these indicators trading above their respective neutral levels.
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