BTC/USDT ~ Weekly Overview
n the crypto world, last week was a rollercoaster. It started on a high note with the SEC approving 11 Bitcoin Spot ETFs, generating excitement about institutional involvement. However, things soured quickly.
As ETF providers revelled in the influx of new investments, Grayscale's GBTC faced a challenging situation, marked by significant outflows coinciding with the fund's discount to net asset value reaching its lowest point since February 2021.
Turning to the technical analysis, Bitcoin (BTC) appeared to pause in the vicinity of the $42,000 mark, following a weekly descent of 3.15%. The Fibonacci retracement analysis now suggests the emergence of a potential resistance zone, spanning from the 0.236 to the 0.382 FIB levels.
In the context of moving averages, the EMA-20 experienced an adverse crossover against the EMA-50, EMA-100, and EMA-200, signalling a bearish outlook for the near term.
Nevertheless, there remains a glimmer of hope, as BTC contemplates the possibility of surpassing the EMA-20, which could potentially alter its momentum to the positive side.
The RSI level, which briefly plunged into the oversold region, swiftly rebounded into the neutral zone. From a technical standpoint, one should anticipate resistance at $43,000 and $45,000, respectively, while support levels are identifiable at $42,000 and $40,000
As ETF providers revelled in the influx of new investments, Grayscale's GBTC faced a challenging situation, marked by significant outflows coinciding with the fund's discount to net asset value reaching its lowest point since February 2021.
Turning to the technical analysis, Bitcoin (BTC) appeared to pause in the vicinity of the $42,000 mark, following a weekly descent of 3.15%. The Fibonacci retracement analysis now suggests the emergence of a potential resistance zone, spanning from the 0.236 to the 0.382 FIB levels.
In the context of moving averages, the EMA-20 experienced an adverse crossover against the EMA-50, EMA-100, and EMA-200, signalling a bearish outlook for the near term.
Nevertheless, there remains a glimmer of hope, as BTC contemplates the possibility of surpassing the EMA-20, which could potentially alter its momentum to the positive side.
The RSI level, which briefly plunged into the oversold region, swiftly rebounded into the neutral zone. From a technical standpoint, one should anticipate resistance at $43,000 and $45,000, respectively, while support levels are identifiable at $42,000 and $40,000
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