Bitcoin (BTC) Must Make It Past This Threshold To Bounce Back
September 03 2022 - 8:27AM
NEWSBTC
The United States just released the Employment Situation Summary,
which describes the present state of the American labor market.
Bitcoin, the dominant crypto currency on the market, is banking on
the freshly disclosed data for a possible bear market departure.
Bitcoin has struggled to maintain its value inside the critical
$20,000 level. Despite this, investors have elected to HODL over
the forthcoming crypto winter. Over 62% of addresses with the
currency have not been sold in the past year. This could suggest
that investor sentiment as a whole is mixed. Despite the fact that
some investors elected to continue holding the currency, 32% of
investors chose to sell the currency after holding it for between
one and 12 months, while 6% sold their currency after holding
it for only one month. Related Reading: Dogecoin Slowly Retests
$0.06 As DOGE Is Seen Moving Higher Over The Next Days Many Believe
Bitcoin Will Recover While investor mood has been extremely
volatile, the large proportion of investors who opted to hold
indicates that many continue to believe Bitcoin will recover. This
may be the case now, as Uncle Sam has provided a breakdown of the
total employment picture in the United States. Since the release of
the jobs report, the Bitcoin market has gained minimally. Coingecko
reports that the price of Bitcoin at the time the report was
published was $20,060.85. This reasonably large price increase from
the early morning price of $19,632.46 was, however, unavoidably
lost throughout the course of the day. The Crucial $25K Price Point
Even if the price eventually fell after the study, Kitco has just
produced a report that identifies the potential price point to end
the bear market. The report’s author, Rajan Dhall, estimated a
price point of $25,066 for a total Bitcoin recovery. According
to Rajan: “Bitcoin appears to be trapped in a rut, but the
good news is that the psychological threshold of $20,000 has held
for some time. After the bear flag formation was broken on August
19, it would have appeared from a purely technical analysis
standpoint that the decline would continue.” Rajan said that a
rally higher is possible if the bulls can hold above that zone, but
for now the consolidation low around $17,567 is the level to
monitor. This current research along with the relatively favorable
employment picture in the United States may indicate an impending
rally. However, investors are still warming up despite the current
crypto winter. Related Reading: MATIC Climbs 6% After Robinhood
Support For Polygon POS Chain Crypto total market cap at $950
billion on the weekend chart | Source: TradingView.com Featured
image from MARCA, chart from TradingView.com
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