Time to take profits for BTC? – According to the latest report from CoinShares, institutional players are starting to take profits on cryptocurrencies and especially on Bitcoin. Indeed, after experiencing eleven straight weeks of capital inflows, CoinShares is recording capital outflows for the first time. It would be more a case of profit taking than a change in sentiment. That’s not all, Ark Invest decided to sell $28 million worth of GBTC.
After such a significant rise in the space of a few months, it is normal to see this type of behavior in the market. Is the price of Bitcoin setting a peak? In the meantime, the price continues to move above $40,000. Here is today’s bulletin!
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Bitcoin price stagnates in 24 hours
For the moment, buyers do not intend to give up the $40,000 zone. However, the price has difficulty getting clearly above the $43,000. In fact, the price of Bitcoin stagnates in 24 hours :
In one week, the course is in increase of almost 5%. Thus, in one month, the course displays a increase of more than 15%. The BTC/ETH pair climbs1.5% in 24 hoursand more than 3% in one week. BTC is regaining strength against Ethereum.
As the halving draws closer, could the price of Bitcoin take a break?
Until now, the course of Bitcoin had a very good year 2023. In fact, the course has broken different important levels like the $30,000and the $40,000. However, after experiencing a increase of more than 150%BTC could take a break before the halving :
At the same stage, the 2013 cycle marked a pause with a slight retracement. On the other hand, during the 2017 cycle, the price experienced a relatively significant fall. What will BTC do this time? If we base ourselves on the last cycles, we could expect a break. Despite everything, speculation around Spot Bitcoin ETF continue, and it is probably the most important catalyst of the year.
Bitcoin price heads towards resistance at $44,000
BTC found buyers at the support at $40,500and on the support at $42,000. The course is heading towards the next resistance at $44,000. In case of rejection, buyers will have to defend the level of support at $42,000 :
A fence above the last high at $44,700 would allow the course to continue on the bullish momentum in 4 hours. It will be necessary to get rid of the resistance at $44,000 to find the next one resistance at $46,500. The momentum is in the hands of buyers in 4H, it is once again showing ascending troughs and peaks.
The price of Bitcoin has experienced a significant increase in 2023, particularly in recent months. According to the latest cycles, it is possible that the price will mark at least a pause, or even a fall before the halving which will arrive in 2024. Whatever happens, buyers are defending $40,000 for the moment. It will be necessary to get rid of the resistance at $44,000 to continue the upward momentum. For its part, Ethereum defends $2,100.
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