Buying reaction on Bitcoin price- As the debt negotiations in the United States evolve, it seems that the financial markets believe that a compromise could be found. The US market and cryptocurrencies are taking advantage of this to regain some color. Indeed, the price of Bitcoin climbs by 2% in 24 hours. For its part, Ethereum shows an increase of 2.3% in 24 hours.
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Bitcoin price climbs 2% in 24 hours
BTC regains colors and climbs 2% in 24 hours. Thanks to this increase, the price of Bitcoin is stable for a week :
Nevertheless, the course 10% drop in one month. For its part, the BTC/ETH pair continues to stalled for a weekbut Ethereum seems find colors against the BTC for a few weeks. If Ethereum continues to grow, altcoins could benefit.
Bitcoin price moves above the realized price
I’on-chain analysis allows you to know the different blockchain level movements. Thus, we can know at what price bitcoins were acquired by operators. THE realized price (realized price) is the average of the bitcoin purchase price of all operators. Here is the graph:
All returns below the realized price (blue curve) have beenexcellent buy signals. This was particularly the case at the end of the bear market in 2019and during Covid crash in 2020. Recently the price fell below the realized price located around $20,000. Was this a great buying opportunity? No one can be sure. THE market is young, it is evolving and this indicator could sooner or later be called into question. According to this indicator, a return below $20,000 would be a real opportunity. However, it is not certain that operators would appreciate a new return below this level…
Bitcoin price bounces off the bearish trendline
Bitcoin has reacted well to the level of the bearish trendline. The course could mark a DETOUR under the bracket at $26,700but it is not won yet:
If the course resumes support areait could quickly return to the level of the resistance at 27,500 $. On the other hand, if the sellers show up and the $26,700 level rejects coursethere is a risk of returning to $25,000. Either way, buyers need to push to close above the last high marked at $27,650.
The RSI reacted well below the bullish trendline. It will again need to show bottoms and rising tops for the buyers regain control of momentum.
Bitcoin fell below the price realized in 2022, this was an incredible opportunity for investors if the past is any indication. In the short term, the price of Bitcoin will have to recover the level at $26,700, and break the resistance at $27,500. A rejection here would give the sellers another chance, and the price could go back to $25,000.
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