Bitcoin Remains Steady as S&P 500 Falls
Bitcoin (BTC) has remained stable in a tight range over the past three days, even as the S&P 500 experienced a four-day decline. This indicates that cryptocurrency traders are not panicking and selling off their holdings. In fact, data from Glassnode suggests that Bitcoin’s supply is gradually shifting to stronger hands, with short-term holders holding the least amount of supply in over a decade.
Bullish Indicators for Bitcoin
The moving averages have recently completed a bullish crossover and the RSI is in positive territory, suggesting that buyers currently have the upper hand in the market. If there is a correction, it is likely that bulls will step in and buy the dips to the 20-day EMA ($6.55). A strong rebound from this level would indicate a shift in sentiment from selling on rallies to buying on dips.
Key Levels for LINK/USDT Pair
In order to prevent an upward movement, bears will need to push and maintain the LINK/USDT pair below the 20-day EMA. On the downside, the support to watch for is at the 20-day EMA ($1,226). If the price bounces off this level, it suggests that buyers are still interested at lower levels. The bulls will then attempt to drive MK price above resistance and potentially accelerate towards $1,759.
Potential Range-bound Scenario for THETA/USDT Pair
The bears have brought down the price below the 50-day SMA ($0.64), but it is expected that bulls will defend the 20-day EMA. If THETA price rebounds and surpasses the 50-day SMA, it could retest $0.70 and potentially reach $0.76. However, if the price falls below the 20-day EMA, it opens the possibility for a retest of $0.57.
Short-term Outlook for THETA/USDT Pair
On the 4-hour chart, the bears are currently defending the overhead resistance at $0.65. To maintain bullish momentum, buyers will need to push THETA price above this level, which could lead to a new up-move towards $0.70. On the downside, the important support to monitor is the 20-day EMA. If the price drops below this level, it suggests that bulls are closing their positions and could result in a descent towards support at $0.58.
Hot Take: Bitcoin Holds Steady While S&P 500 Declines
Despite the recent decline in the S&P 500, Bitcoin has remained stable, indicating that traders are not panicking and selling off their holdings. This is supported by data showing that Bitcoin’s supply is gradually shifting to stronger hands. Additionally, bullish indicators such as moving averages and positive RSI suggest that buyers currently have an advantage in the market. However, it remains to be seen if bears can prevent an upward movement in certain pairs like LINK/USDT and THETA/USDT. Overall, Bitcoin’s steady performance amidst market volatility demonstrates its resilience as a digital asset.
By
By
By