Bitcoin’s break above $50k earlier this week was both exciting and short-lived as the world’s largest crypto asset was met with serious resistance following its best 30-day performance since February. One of the key levels we’re watching is ~$51,100; this marks the 61.8% Fibonacci retracement level, which is often viewed as a key area of resistance.
DISCLOSURE: DELPHI VENTURES AND MEMBERS OF OUR TEAM HAVE INVESTED IN BTC AND ETH. THIS STATEMENT IS INTENDED TO DISCLOSE ANY CONFLICT OF INTEREST AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE ANY TOKEN. THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.
Bitcoin’s break above $50k earlier this week was both exciting and short-lived as the world’s largest crypto asset was met with serious resistance following its best 30-day performance since February; DeMark Indicators are signaling trend exhaustion as well.
Historically, early September through early October has been a difficult period for BTC, and the rest of the crypto market hasn’t fared much better. If we were to see a pullback in the near term, however, our guess is it’ll be rather short-lived, especially since we’re approaching one of the best periods of the year for the crypto market.
Market tops are usually characterized by a sizable inflow of BTC to exchanges. However, despite its recent rebound, we’re still seeing record amounts of BTC coming off exchanges, as measured in USD; when measured in BTC, the amount being withdrawn still marks one of the largest net outflows from exchange wallets on record, surpassed only by periods in April and November 2020.
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