Bitcoin Analysis on the H4 20/09/2024
- Macro Overview
Investors have withdrawn approximately 7,500 BTC, primarily led by larger investors, pushing bitcoin exchange balances to the lowest point in 2.5 months. After a significant reduction by ARKB, their investors led an $81.1 million investment out of the total $158.3 million invested yesterday, followed by FBTC. A more positive sentiment as Q4 approaches may support bitcoin prices.
- Technical Analysis
BTCUSD is approaching the upper boundary of the ascending channel near 64,000. The price remains above both EMAs, indicating the potential for a mean reversion. If BTCUSD extends its rally beyond 63,900, the next resistance level could be tested at 65,000. Meanwhile, BTCUSD may pull back to the 61,600-62,200 zone if a correction occurs before a stronger upward move.
Investors have withdrawn approximately 7,500 BTC, primarily led by larger investors, pushing bitcoin exchange balances to the lowest point in 2.5 months. After a significant reduction by ARKB, their investors led an $81.1 million investment out of the total $158.3 million invested yesterday, followed by FBTC. A more positive sentiment as Q4 approaches may support bitcoin prices.
- Technical Analysis
BTCUSD is approaching the upper boundary of the ascending channel near 64,000. The price remains above both EMAs, indicating the potential for a mean reversion. If BTCUSD extends its rally beyond 63,900, the next resistance level could be tested at 65,000. Meanwhile, BTCUSD may pull back to the 61,600-62,200 zone if a correction occurs before a stronger upward move.
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