BitcoinPanjang
Bullish momentum on BTCUSD
Technical Perspective
BTCUSD is currently testing the resistance level at 73,500, which coincides with the 78.6% Fibonacci extension. The price is still in an uptrend, marked by higher swing points. However, a retracement is possible as the price approaches the upper boundary of the ascending channel.
If BTCUSD falls below 73,500, it may retest the channel's lower boundary and the 61.8% Fibonacci retracement around 68,800. On the other hand, a breakout above 73,500 could lead to further gains, with the 100% Fibonacci extension near 75,800 as the next potential resistance.
On-Chain Perspective
Bitcoin's spot price has briefly risen above $69,000, clearing significant technical and on-chain levels. This marks a positive momentum shift since June. All Short-Term Holder cohorts are now in unrealized profit, boosting market sentiment. However, speculation in futures markets is increasing, with open interest reaching new all-time highs. According to Glassnode, Net capital inflows into Bitcoin increased by 21.8 billion USD (+3.3%) over the past month, pushing the Realized Cap to over 646 billion USD, indicating rising liquidity. The AVIV Ratio, a measure of active investor profitability, remains robust, suggesting healthy sentiment among active traders.
Author: Li Xing Gan, CMT, CFTe,
Financial Market Strategist Consultant to Exness
BTCUSD is currently testing the resistance level at 73,500, which coincides with the 78.6% Fibonacci extension. The price is still in an uptrend, marked by higher swing points. However, a retracement is possible as the price approaches the upper boundary of the ascending channel.
If BTCUSD falls below 73,500, it may retest the channel's lower boundary and the 61.8% Fibonacci retracement around 68,800. On the other hand, a breakout above 73,500 could lead to further gains, with the 100% Fibonacci extension near 75,800 as the next potential resistance.
On-Chain Perspective
Bitcoin's spot price has briefly risen above $69,000, clearing significant technical and on-chain levels. This marks a positive momentum shift since June. All Short-Term Holder cohorts are now in unrealized profit, boosting market sentiment. However, speculation in futures markets is increasing, with open interest reaching new all-time highs. According to Glassnode, Net capital inflows into Bitcoin increased by 21.8 billion USD (+3.3%) over the past month, pushing the Realized Cap to over 646 billion USD, indicating rising liquidity. The AVIV Ratio, a measure of active investor profitability, remains robust, suggesting healthy sentiment among active traders.
Author: Li Xing Gan, CMT, CFTe,
Financial Market Strategist Consultant to Exness
Penafian
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