Bitcoin is slowing down. THE President of El Salvador, Nayib Bukele, allowed Bitcoin to become legal tender. However, the mandate is nearing the end, and he will have to resign if he intends to attempt a second term.
The price of Bitcoin is pausing below $35,000. After having liquidated many sellers, it is currently moving around $34,500. Buyers must continue to show up to break resistance at $35,000.
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Bitcoin price climbs 1.3% in 24 hours
The days follow, and the BTC continues to show green. THE Bitcoin price climb1.3% in 24 hours and almost 22% in one week :
In one month, BTC shows a impressive performance exceeding 30%. Also, the king of cryptocurrencies continues toattract capital. The BTC/ETH pair stagnates in 24 hoursbut she is increase of 5.4% in one week.
The percentage of operators in profit on BTC returns to critical levels
When the almost all of the circulating supply is in profitthe market tends to mark market tops. This was particularly the case in 2017, when 99% of operators were in profit. In 2021, the market also marked an end point in the bull run when 99% of investors were in profit. When the market is not in a bull run phase, tops tend to form below 99%. In 2019, for example, the price fell as the percentage of circulating supply changed above 90% :
The BTC price regains color with the break of the psychological round number of $30,000. With this return to the level of $35,000there are now almost 80% of the circulating supply which is in profit on BTC.
It is overheating levelsOr the course blocked in April and July. Could the metric this time return above the 90% before seeing the price slow down? Let’s look at the clues left by the graphs.
Bitcoin price stuck on resistance at $35,000
After an increase in 40% from support at $25,000, it is completely normal for the course to take a break. Currently the course stuck at resistance level at $35,000 :
If the resistance rejects coursethere is no solid support before the support located at $31,500. However, the institutional bias (EMA 9/EMA 18) could act as dynamic support. In this case, it will be necessary to get rid of the resistance at $35,000 to find the resistance at $37,000. The RSI continues to show ascending lows and highs, buyers have control over short-term momentum.
After an impressive rise in the price of the king of cryptocurrencies, 80% of the circulating supply is in profit. A critical level which announced overheating in April and July. Whatever happens, the price will have to break away from the resistance at $35,000 to continue the upward momentum. If sellers show up, the price could return to the support level at $31,500. With this increase, some altcoins could benefit from capital rotation, is this the case for KAS ?
Closer to Bitcoin news
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